FXStreet notes that USD/JPY has pushed lower through major trendline support that comes in around 110.46 today. Mazen Issa, the Senior FX Strategist at TD Securities, thinks a re-coupling in 10-year TIPS yield and USDJPY is likely underway. 

“USD/JPY has not kept pace with a sharp move lower in real rate differentials over the last several days. This has been a fairly reliable correlation over the last year, suggesting downside risks are building.”

“Ahead of the 110.40 (+/-) level is the main resistance zone to the upside, while the first significant target to the downside comes in at 109.72.”