There was a clear short-term narrative developed in the financial media last week creating a focal point at 102 in the Yen/USD exchange rate. The short-Yen trade is perhaps the most crowded trade in the world right now, so a strengthening of the Yen to break below the focal point is a big deal for market game-playing behavior. The Yen broke below 102 today, which will put plenty of game-playing pressure on levered short-Yen positions in particular, and the entire equity market in general. Be careful out there.