The USD/JPY continues its retraction from weekly highs as the U. S. economy stumbles. Even though the Japanese economy is in bad shape, the U. S. doesn't seem too far off.

Therefore, the investors are questioning the U. S. as a safe haven currency all around the FX markets in the last 24 hours.

Therefore, the medium-term downtrend remains largely intact. With our 3rd tier downtrend and the psychological 100 mark hanging over head, the USD/JPY has its work cut out for it to the topside.

Investors will of course be keeping a close eye on the Unemployment Rate coming from the U. S. this morning. If the number is disappointing and U. S. equities tumble, the USD/JPY should follow suit.

Fundamentally, we maintain find resistances of 97.66, 98.25, 99.05 and 99.64. To the downside, we see supports of 97.22, 96.59, 95.98, and 95.08.

The USD/JPY is currently exchanging at 97.59.

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