Hi Hal,
As Trades would always say: "Just pay attention to the charts and some bs story will always appear to justify the move"...(Although admittedly the whole 'Japan' thing is not just some bs story, LOL!)
I love this right now, as you and I both saw the massive potential built into the sidewinding action showing on the weekly technicals...and I even noticed a repeating length of time that appeared to 'pattern match' an earlier consolidation that broke out violently to the upside years before...and it appeared that this time to break out was close at hand... as I previously had pointed out as well, this monthly chart looked similar to the Euro chart 10 or so years ago when it was still around 85 or so....and it showed compression and turned...(we all know the rest of THAT story...)
Anyways...this is what I love about charting and ignoring 'funnymentals'...the real key to success...

But you are right in the fact that the bears are actually using the Japan story as an excuse to believe this rally will end soon... but the chart tells me this trade is just in the beginning stages...
I honestly think the 'Japan' story was just a spark to ignite that which was inevitable anyways...

YAAAAHHHHOOOOO!!!! Gonna be a nice ride! $6 in a couple months is one hell of a profit! (more than tenfold)

Cheers!