• USD/JPY clears May 5 high & export/spec offers by 120.50 on US data pop
  
  
• Price above upper 21-d Bolli for 1st time since early Mar: big + if closes above
  
  
• Apr 13's 120.85 swing high key; close above would end pattern of lower highs
  
  
• Overbought on hourlies, so may need a pullback before 120.85 offers are cleared
  
  
• USD-JPY 10-yr yield spreads at their highest since Dec 26; 2s since May 11