USD/JPY rose more than 150 pips on the day on steady bids that continued as the pair broke through 159.00 in US trading. Otherwise, the market is taking a dim view of the chance of peace in Iran and a reopening of the Strait of Hormuz. Trump sounded on the weekend like he had abandoned the military option and was going to try to starve out Iran with a blockade. In turn, Iran is going to try to keep oil blocked in the Strait and drive up the price of crude. Trump turned to compensation rhetoric this time rather than 'bomb the power plants' so this could last awhile.