Here's a weekly chart of USDJPY
. In the past three years incredible rally, there have been two very clear catalysts for this and the other Yen crosses to move significantly higher. Both are the BoJ's doing. Anticipation of their initial stimulus launch (QQE) was trumpeted to get the exchange rate and consumers mobilized. Currently, there is an even chance of a further upgrade amongst economists, but that doesn't seem to be producing the same lift it has in the past. Given the state of risk trends, if they don't deliver; this Yen crosses are going to retrace.