2 pics of the dollar/yen. 1 spot monthly the other futures daily. First the spot, the crisis is over. The ccy failed last Spring as Europe melted after starting 2012 with renewed hope. The US 10 year went to roughly 2.20%. The last 3 months move still finds US rates low by comparison.
The second daily futures chart shows the recent market lows are not being confirmed by the relative strength. This is a classic divergent signal and we will be watching for a short exodus now that the LTRO data (137B was more than expected) on Euros is out.