The USDJPY has failed to accelerate lower, thus it is more likely that the decline from 101.50 is corrective, just as the rally from 87.10 is corrective. In other words, everything from the 2009 low is a correction and will eventually be retraced, but not before a push above 101.50. I wrote yesterday that “with the last number of weeks’ trading taking place close to the 200 day SMA, an upside break looms on the horizon.” That upside break is underway now as the USDJPY has surged through channel resistance.