We are approaching a key level for the Japanese Yen vs. the US Dollar, one which proved to be of significance back in March of 2008, and again in November. If 98.50 holds as resistance, then we would likely head back to retest 95.74 as support (this also corresponds to the weekly 21 EMA).

If price can stay north of that line, and eventually break 98.50 resistance to find some support there, the next likely targets would be 100.56 and 102.44 If, on the other hand 98.50 proves unbreakable resistance, and support at 95.74 gives way, then we could be looking at a drop back down to 90.63, perhaps 88.07 as a secondary target.