The 98.00 level is proving to be a difficult level for the Yen to crack, as it has already found itself on thedefensive even before the US jobs data has been released this morning. A recovery in Japanese equities hasalready helped to dampen its safe-haven support, but the BOJ’s signal that their aggressive easing measures willcontinue until a 2% Japanese inflation target is reached has fueled market sentiment that the Yen has the most tolose from any strong Non-Farm Payroll reading later this morning. Even if US jobs data comes in weaker thanexpected, the Yen looks to be heading down towards much lower prices levels over the longer-term so any rallythis morning may be viewed as an opportunity to approach the short side of the market. The December Yen mayfind near-term around the support 97.75 early this morning, and outside of the Dollar itself may have the mostriding on the market’s reception towards today’s US jobs data.
Technical Outlook: Rising from oversold levels, daily momentum studies would support higherprices, especially on a close above resistance. The market’s close above the 9-day moving average suggests theshort-term trend remains positive. It is a mildly bullish indicator that the market closed over the pivot swingnumber. The next upside objective is 98.94. The next area of resistance is around 98.69 and 98.94, while 1stsupport hits today at 97.91 and below there at 97.37.