The USDJPY had a good day up on the back of the increased liquidity provided by the Fed/Central Banks. 

From a technical perspective, the pair rose above the 100 (102,65) and 200 (103.21) bar moving average on the hourly chart which is the first time the price has been above both measures since February 26th

This is good for the pair and the market will be watching to see if these levels can in fact hold.  

On the upside, a medium term target might be 104.10 area which is the 38.2% retracement level of the move down from February 14th to the low today.  With the high on the 5th being 104.17, it makes sense from that perspective as well (see chart below).

The question that needs to be decided by the market is did the action today, cure some problems and as a result, give the dollar and stock market the bid it needs?

I think it is helpful to one problem, averting the continued seizure in the credit markets. 

Ultimately, however, the housing markets need to show some life, and some consumer confidence has to come back.  For that to happen longer term mortgage rates (6 3/8% today) probably need to come down, house prices probably need to come down and people need to stay employed (avoid a deep recession)  Then the affordability of housing may kick in with some new buyers.   

There may be continued talk about less rate cuts.  It sounds risky given the economy but it may be what is needed to make things happen. 

Expect volatility, however, as the scenario unfolds.  The fact is nothing is really predictable given the uniqueness of the current environment we are in.   These are different times.