Just been watching USD/JPY and it's sitting pretty near 159.70 right now, up about 0.27% as traders are clearly spooked by what's happening with the Strait of Hormuz situation. The yen's doing its usual thing as a safe-haven play when things get tense globally, but it's also capping how much the dollar can really run. That said, the dollar's got some tailwinds working for it. Oil prices climbing means inflation concerns aren't going away anytime soon, so the Fed probably isn't rushing to cut rates. Treasury yields holding up and equities staying resilient aren't hurting either.

Looking at the technical side, USD/JPY is trading around 159.74 and the momentum looks solid - staying above both the 20 and 100-period moving averages (sitting at 159.09 and 159.26). RSI is hovering near 62, so we're in bullish territory but not quite overbought yet. The support zone is pretty defined with 159.73 and 159.57 acting as solid floors, with 159.51 further down where you can see some previous buying interest. If we break above 159.86 on the upside, that could open up more room to run. Worth keeping on the radar if you're tracking yen to usd moves - Japan's heavy oil dependence means any sustained price spike could really shake things up for their economy, which adds another layer to watch here.