USD/JPY has slid back to 109.30 from a fresh cycle high of 109.53. Perhaps a bit of profit taking ahead of the weekend.

It’s been a great run but maybe it’s only the beginning:

USDJPY over the past 30 years

USDJPY over the past 30 years

That was quite the drop from 1985 to mid-1986 — almost 10,000 pips.