Just when it looked like the pair might be ready to extend the breakout higher this week, sellers intervened aggressively in the last hour to send the price lower again. The high price had earlier reached 148.80 but the pair has now fallen to 148.11 during the day:
USD/JPY 5-minute chart
This decline comes as 10-year Treasury yields also fell from 4.17% to 4.14% currently, with UK bond yields leading the decline across the board. It comes as traders ramp up bets on interest rate cuts from the Bank of England this year, in the wake of dismal UK retail sales data earlier.
If nothing else, the price action above tells us that any move towards 150.00 for USD/JPY would not be straightforward given the prevailing conditions.