The US Dollar has been rising against the Japanese Yen since late January and has nicely made higher highs and higher lows that sit just off the 20 moving average. The dollar is considered a safe haven in times of economic uncertainty. Higher Treasury yields indicate future inflation and rate hikes, which increases demand for dollars while causing it to strengthen. The USDJPY pair reached the resistance level that formed in July 2020 yesterday and closed the day in the range of 106.90 - 107.40.
If the bulls manage to push the rate above this resistance, it could rise to the previous peak around 109.80. Should the rate reverse from this level, the 20 moving average could provide some support. After falling below the 20 EMA, the pair could drop towards the lower boundary of the Bollinger band.