The Yen has seemingly finished its technical balancing/short covering action and has seemingly shiftedback into the down trend pattern once again. Japanese stocks were cheered by the weakening of the Yen andthat alone might facilitate a return to and below the January low of 94.86. News of a record current account deficitin Japan simply hangs over the market and with the Dollar being given the benefit of the doubt, the path of leastresistance in the Yen is expected to remain down. Initial support is seen at 95.44.
Technical Outlook: The upside crossover (9 above 18) of the moving averages suggests adeveloping short-term uptrend. Momentum studies are rising from mid-range, which could accelerate a movehigher if resistance levels are penetrated. The close above the 9-day moving average is a positive short-termindicator for trend. The close below the 1st swing support could weigh on the market. The near-term upside targetis at 97.43. The next area of resistance is around 96.58 and 97.43, while 1st support hits today at 95.40 andbelow there at 95.06.