As anticipated, the USD/JPY continued its consolidation as investors contemplate a retest of the highly psychological 100 level.  The movement of the USD/JPY will likely depend on whether U.S. equities can prove this is more than a bear market rally.

Meanwhile, our 3rd tier downtrend line is creeping towards present price, so the USD/JPY will have to make up its mind soon.  The near-term trend of the USD/JPY hangs in the balance, and we would not be surprised to see the currency pair wake from its slumber either today or the beginning of next week.

Fundamentally, we find resistance of 99.05 with additional resistances hanging at 99.96, 100.69, and 101.53.  To the downside, our 98.25 resistance turns support while we maintain our additional supports of 97.66, 97.22, and 96.59.  The USD/JPY is currently exchanging at 98.26.

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