The USD/JPY continues its movement sideways, building up a solid base in the meantime.  Investors are still contemplating whether to catapult the currency pair above 100, which would signify a psychologically important move for the Dollar.

Seeing as U.S. equities continue to strengthen as the Japanese economy weakens, there are growing incentives to follow through with the fundamental move.

However, investors will still wait for a statement move from the S&P futures showing the present rally has legs.  If the S&P futures can plow through key resistances, the USD/JPY should follow suit.

Fundamentally, we maintain our resistance of 99.05 with additional resistances hanging at 99.96, 100.69, and 101.53.  To the downside, we hold our 98.25 support with additional supports sitting at 97.66, 97.22, and 96.59.  The USD/JPY is currently exchanging at 98.44.

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