This will be interesting because I can darn near guarantee that there are some VERY upset traders who were using a lot of leverage and felt their hearts in their throats as USD/JPY crossed below the firewall of $100.
Right about now there are some short traders in USD/JPY who are wondering, "What's going on?" as they see the pair moving higher and eating in to their short profits, wondering how high this can go, but feeling comfortable that $100 will be a brick wall.
For our purposes, the higher the USD/JPY moves, the higher the market moves in the near term, beyond that, I think Abe-enomics and the BoJ just went too far and lost control, in the end that won't be good for the market.
Here's the start of the run off the positive divergence that's been building.
This is a leading positive divergence in USD/JPY, the $100 level is going to be the first area of real interest, we could see a round of short covering if the pair moves above that area and South Koreans will be screaming and throwing objects at their computer screens while the politicos fire off more letters of discontent to the G8 as well as the Japanese.
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