Good morning, Gerry,
There appears to be some confusion on where (and why) the USD/JPY is headed. If you look at an “H4″ chart of this pair, you will note that since the beginning of this year, it has made a nice inverted head and shoulders formation and is now cruising upward – in a fairly defined channel – toward its probable end channel target of 93.74 (i. e., January 8th high).
When the pair gets to that point (i. e., 93.74), where the 55-week EMA is will be of critical importance (as if it busts through on convincing volume, then the pair may continue onto 101.43). On the other hand, fairlure of such a “take-out” would mean that we might revisit 88.57 (the low made earlier this month) again, in the near future.
Last but not least, let us all remember that the end of March is a very special time of year for almost all Japanese companies (“the tax man cometh”) and historically, there are usually high flows of JPY “coming home” before the end of that month.
(The time is now 2:40 pm in Harbin; 6:40 am in London.