USD/JPY has seen more volatility today than in quite some time. At midday it rallied sharply, squeezing shorts on the way to 95.25 highs from which it promptly reversed course and tumbled to 94.28. That level is the 50% retracement of the 87.11/101.45 range we have maintained for 2009. A break of that Fibo targets a decline to 93.52, the March 19 bottom. USD/JPY trades now at 94.50.