A pattern of lower highs remains in place in the Yen. While the Yen was provided some lift overnight off anupward revision in Japanese economic forecasts, that potentially supportive track was more than countervailed bysuggestions that even more BOJ easing was probably ahead. Therefore the bias in the Yen remains down and anear term slide down to 95.54 and to 95.33 looks to be possible over the near term. All the Yen bears need todayis as expected or better than expected US data window and that should propel the Yen back toward theDecember lows.
Technical Outlook: The daily stochastics gave a bearish indicator with a crossover down.Momentum studies trending lower at mid-range could accelerate a price break if support levels are broken. Themarket now above the 18-day moving average suggests the intermediate-term trend has turned up. The dailyclosing price reversal up on the daily chart is somewhat positive. It is a mildly bullish indicator that the marketclosed over the pivot swing number. The next downside objective is now at 95.10. The next area of resistance isaround 96.27 and 96.51, while 1st support hits today at 95.57 and below there at 95.10.