USDJPY FINALLY BREAKS ¥100

The U.S. dollar just hit the key ¥100 psychological level against the Japanese yen!

The currency pair hasn't traded north of ¥100 since April 14, 2009.

The chart below shows the big downward move the yen has made against the dollar today. And it's still going lower.

The dollar is up 1.6% today against the yen, currently trading just off its highs at ¥100.55.

The next chart is a zoomed-out look at the currency pair's performance since May 2012.

It really started to take off in November when it became increasingly clear that a new Japanese government would be implementing some major economic policy changes in short order.

Shorting the yen has become the biggest consensus currency trade on the planet as investors bet that new Japanese Prime Minister Shinzo Abe and his recently-appointed Bank of Japan Governor, Haruhiko Kuroda, are serious about new economic policies that will place continued downward pressure on the yen.

We already saw the currency pair take two shots at ¥100 in the last month.

It looks like third time was a charm, in this case.

Credit Suisse strategists seem to be the first out of the gate with a reaction to the dollar's breach of ¥100, recommending a new target at ¥102.30.