The Yen has forged another lower low for the move and appears to be poised to return to and perhapsbelow the December and January lows. Higher Japanese equities and positive Japanese machinery orders dataseems to have facilitated the resumption of the downward bias on the charts and all that is missing from a strongpress downward in the Yen is strength in the Dollar. Sell minor rallies in the March Yen back to 95.68 and look foran objective of 94.90.
Technical Outlook: Momentum studies are rising from mid-range, which could accelerate amove higher if resistance levels are penetrated. The market back below the 18-day moving average suggests theintermediate-term trend could be turning down. It is a slightly negative indicator that the close was under theswing pivot. The next upside target is 96.28. The next area of resistance is around 95.90 and 96.28, while 1stsupport hits today at 95.34 and below there at 95.16.