The USD/JPY is struggling with our 3rd tier downtrend line as it tries to ascend past key February highs. The next 24-48 hours are crucial for the USD/JPY.

For if the currency pair can climb past February highs then we will finally see a retest of 100 with the possibility of large near-term gains.

On the other hand, if the USD/JPY can't brave through February highs within this time frame, we could very well see the currency collapse back into its downtrend with a movement towards our near-term uptrend line.

With key economic data coming from both Japan and the U. S. in the next 48 hours, the USD/JPY will certainly have the fuel to ignite a fundamental movement in either direction.

If the Tokyo Core CPI and Japanese Retail Sales come in lower than expected while America's data either meets or surpasses expectations, then we could see the currency pair dart towards the upside.

On the other hand, signals of heavy economic contraction in the U. S. coupled with reasonable data from Japan would send the USD/JPY south in a hurry.

Fundamentally, our 98.11 support turns resistance while we maintain our resistances of 99.00, 99.79 and 100.69. To the downside, we maintain our supports of 97.49, 96.65, and 95.92 with fresh bottom-end sitting at 95.08. The USD/JPY is currently exchanging at 97.78.

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