Saxo Bank’s John Hardy looks at how a spike in European bond yields is impacting EURUSD. He also analyses the implications of comments from Bank of Japan chief Haruhiko Kuroda,which sent yen soaring against the dollar.

Hardy says moves in the European bond market and uncertain about the when the US Fed may move on interest rates may have the potential to drive the EURUSD all the way to the top of the range and maybe even above. That said, Hardy believes the pair is shaping up for an historical sell opportunity. It’s all a matter of time, he says.