Well, its the day after the FOMC decision to taper its bond purchases. I'm looking at bonds today, as there was a bit of a delayed reaction to the news, but bond prices are falling (makes sense as less Fed buying means less demand). We see in the hourly chart above that the 10-year pushed through an important level of support. Now, while most don't trade bonds, its important to keep an eye on the bond market as it can give clues to general money flows and gives insight into the USD. As we all (should) know, bond prices move inversely with yields, so if prices are falling, yields are rising, and that does make the USD more attractive to a certain set of investors (more long term institutional traders) and that shows up mainly in the USD/JPY.Looking at the longer term chart bond prices are back to near the levels they were in the middle of the year when tapering was looking like a sure thing in September. Again, this will have important implications throughout financial markets and where US yields go (the logical guess is higher) should be watched by currency traders, especially those that trade the USD/JPY.