USD/JPY: Current 90.22 (Sunday, March 7, 2010).
Trend: volatile but sideways movement with a downward pressure.

Please refer daily charts and not short-term charts e.g. hourly charts.

Please note the following:

1) US: The recent economic releases from US have been mixed. Pending home sale report was quite negative. Unemployment rate remained unchanged at 9.7% which was positive but nonfarm payroll was quite bad.

2) There have not been many economic releases from Japan during the past week.
 
3) The currency pair jumped on March 5thh and many are saying that this was due to the unemployment rate report from US. Why we are forgetting about what is happening to Toyota, the biggest Japanese company? Another nail for was on March 5th and it was the recall of 1.7 Million cars if Europe. But even if we say “If Toyota is not healthy then Japan is not healthy”, Japan is not Toyota and we don’t expect the upwards movement to gain momentum is coming days (mid-term)
 
Analysis: We expect the pair to be in volatile sideways movement in coming days and we will avoid taking a longer-term position for this currency pair.

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For short term trades, please refer to daily technical analysis for USD/JPY