The USD/JPY is experiencing some solid support as bulls put up a fight around our 97.59 level. Economic recovery hopefuls aren't so eager to give up on their vision, and are doing what they can to prevent a retraction below our key 1st tier downtrend line.

Therefore, even though the USD/JPY is trading below our 1st tier uptrend line, the possibility of the currency pair continuing its battle with 100 isn't lost. That being said, despite the strong defense by the bulls, the USD/JPY should ultimately follow its positive correlation with U. S. equities like the rest of the major dollar pairs.