USD/JPY is perilously close to the 91.90 lows posted on Friday morning after the frightful Us employment report. The JPY strength is somewhat surprising given the nearly 20% rally seen in the major US stock averages over the last two weeks.90.90 was the late October low; a level for momentum junkies to shoot for if USD/JPY breaks down. Colossal barrier options at 90.00 are rumored.

From a macro perspective potential tax breaks for Japanese x[porters to repatriate overseas-held profits as well as large stimulus package that could keep domestic savings at home instead of finding greener pastures (from a yield-perspective abroad) are factors that could support the currency over the medium-term.