eFXdata reports that MUFG Research discusses USD/JPY outlook.

"According to technical indicators such as the RSI, USD/JPY is now the most overbought since late in 2016. On that occasion USD/JPY jumped from just below the 105.00-level to a high of 118.66 between November and December 2016 before falling back towards the 110.00-level in the following months. A similar setup is also evident for the 10-year US Treasury yield where the RSI recently reached its most overbought levels since late 2016. The historical precedent suggests that USD/JPY is likely to correct lower from overbought levels once the sharp move higher in longterm US yields loses upward momentum," MUFG adds.