Traders put two and two together, just as I did earlier this morning, and the result is seldom 4! USD/JPY is starting to trade a bit higher as the market guesses that the BoJ might view the overnight SNB action as a green light to get USD/JPY back over 100! 95.87 is the high so far and nobody is getting too carried away but dealers say they are covering every short position and trading off a small long balance, just in case.