In the last couple weeks USD/JPY has held above the 109.00 level, which is also "channel support" and also the 50-day moving average. However, with the recent breakdown in bond yields the risk is increasing USD/JPY (and other JPY pairs like CAD/JPY and JPY/EUR) make a move lower. A break below the 109.00 level could put the 108.30 in view rather quickly.