The Yen continues today with this week’s negative tone but is showing signs of selling fatigue. For the sell off to continue one of today’s US economic reports will need to be extremely good. The Bank of Japan’s meeting today failed to produce any new insights into future Yen depreciation leaving market participants to trade on other news items.
Technical Outlook
JPY (SEP): Daily stochastics are trending lower but have declined into oversold territory. The market’s close below the 9-day moving average is an indication the short-term trend remains negative. It is a slightly negative indicator that the close was lower than the pivot swing number. The next downside objective is now at 99.88. The next area of resistance is around 100.54 and 100.85, while 1st support hits today at 100.06 and below there at 99.88.