The US dollar hit a 3 week high against the Japanese Yen.

Oil prices fell $4 today which is positive not only for the US economy, but also for the Japanese economy.  Since Japan imports close to 99 percent of their oil needs, the fall in oil prices could also help to boost domestic demand.  The Dow Jones Industrial Average rose by a mere 29 points today, leaving some traders cautious of a near term top in US stocks.  The fate of USD/JPY at this point is almost entirely contingent upon oil and stocks.