USD/JPY climbs by over 1% as risk rally sinks the yen

USD/JPY moves back above 104.00 to near 104.50 currently

USD/JPY H1 09-11

The yen is proving to be the biggest loser as the market continues to party from the election and vaccine euphoria in the past half-hour. The dollar itself is weak across the board but USD/JPY has climbed by over 1% during the time.
The pair has broken back above 104.00 from around 103.70 earlier and is now trading closer towards 104.50 upon breaking its key hourly moving averages.
Hence, buyers are now back in near-term control. So much for the potential for an immediate drag towards 102.00 post-election.
The key thing to watch for the pair as risk remains the main narrative is Treasury yields.
10-year yields have shot up by over 11 bps to near 0.93% and that is lifting yen pairs across the board as we look towards North American trading.