USD/JPY is trading a steep uptrend fuelled by diverging Fed/BOJ policy

This has resulted in a swift rise this year from 114 area to 131.35

There has been no move to curb the rally but plenty of talk to fuel it

BOJ has repeatedly voiced the intent to pursue super-easy policy

Federal Reserve has repeatedly said it will hike in 50bps steps

There is lots of fuel in the pipeline to fire this rally

Should USD/JPY close over 130.57 it may return to 1998 high at 147.64

Vols have sunk. Traders are less well prepared for a bigger rise

A minimum tech correction of losses spurred by 1985 Plaza Accord is 146.81