While the Yen has managed to rise against the downtrend pattern at times over the prior 3 trading sessions,that action probably served to balance the oversold technical condition and that in turn probably sets the table foran eventual resumption of the down trend pattern. The Yen might have been temporarily supported by news of an18% year over year increase in Japanese December auto sales figures. However, with suspicion toward theChinese economy and the expectation of positive US economic data flows, the down trend bias should remain inplace in the Yen. Down trend channel resistance is seen at 96.13 and that resistance or fresh sale point, fallsdown to 95.97 on Tuesday.
Technical Outlook: The stochastics indicators are rising from oversold levels, which is bullishand should support higher prices. The close below the 9-day moving average is a negative short-term indicator fortrend. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The near-termupside objective is at 96.34. The next area of resistance is around 95.83 and 96.34, while 1st support hits today at95.11 and below there at 94.89.