May 18th, 2010 – Not much change has occurred, the USD JPY is still consolidating between the 94.97 and 90.00 level. On the upside, breaking of the 94.97 resistance would target the 95.05 and 97.77 resistance lines. On the downside, breaking of the 90.00 level would target the 87.99. In other forex news, the EUR is hitting all-time low against the U.S Dollar at 1.2395 now ! If you are a long term trader you should wait for bullish wave first then enter into a buy position.

May 17th, 2010 – The USD JPY has been on a neutral bias since hitting the 94.97 high. Currently, the USD JPY is at 92.18 and it’s consolidation between the two main resistance lines of; 94.97 and 90.00. On the upside, breaking of the 94.97 resistance line would target the 95.05 and 97.77 resistance lines. On the downside, breaking of 90.00 level would target the 87.99 resistance line.

May 14th, 2010 – The USD JPY has been on the decline, it’s currently at 92.17 . Yesterday, the USD JPY surged above the 93.52 resistance line and hit the the high of 93.62. On the upside, the next target would be the 94.97 resistance line and it requires a much strong bullish momentum then yesterday to see a break through. On the downside, below the 90.00 level would target the 87.99 resistance line.

May 13th, 2010 – The USD JPY is consolidating between the 94.97 and 87.99 resistance lines. Currently, the USD JPY is holding neutral bias and it’s at 92.73 . On the upside, breaking of the 94.97 resistance line should give the currency the momentum to break the 95.05 and 97.77 resistance lines. On the downside, breaking of the 90.00 level will push the currency into bearish momentum and target the 87.99 resistance line.

May 12th, 2010 – The 93.53 resistance line is holding strong and the USD JPY is still in a neutral momentum. On the upside, in order for us to see a full bullish momentum; the USD JPY must break the 93.53 resistance line to target the 95.05 next resistance line. On the downside, if the USD JPY breaks the 90.00 level resistance then it would target May.6th low of 87.99. The market “glitch” of May.6th.2010 has distributed many of the resistance lines and future currency outlooks; the current chart is not trader friendly.

May 11th, 2010 – The USD JPY is still in a neutral consolidation mode between the 93.53 and 90.00 resistance lines. On the upside, if the USD JPY breaks the 94.00 level look forward for it to target the 95.05 resistance first then the 97.77 resistance lines. On the downside, if the 90.00 level is broken then the USD JPY would target the 87.99 resistance line.