USD/JPY has soared 200 pips today in its fourth day of gains as the FX market recalibrates to a stronger US dollar and US economy. The move brings the pair back into line with Treasury yields, which have also erased the decline that started in late July.The market may also be making an election trade on the US dollar and the possibility of a red sweep and large deficits (and higher yields) to go along with that. There is certainly some element of a short squeeze as well as dollar shorts were a crowded position on the theme of US exceptionalism briefly fading.Also notable is that yen crosses are breaking out to the best levels since early August in a good sign for risk appetite despite S&P 50
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