The Yen continues to garner a measure of safe haven buying interest in the wake of BOJ commentswarning against more emerging markets turmoil ahead. In fact, with the Fed’s Plosser overnight saying a casecan be made for even faster tapering and the ECB threatened with deflation, the path of least resistance in theYen looks to remain up. However, the Yen might be held back slightly in the face of a minor decline in US claimslater this morning, but data that lifts the Dollar could rekindle the emerging markets turmoil and that could usher ina rise in the Yen back above the 100 level in the coming week.
Technical Outlook: Rising stochastics at overbought levels warrant some caution for bulls. Theclose above the 9-day moving average is a positive short-term indicator for trend. The upside daily closing pricereversal gives the market a bullish tilt. It is a slightly negative indicator that the close was under the swing pivot.The next upside objective is 99.61. The next area of resistance is around 99.04 and 99.61, while 1st support hitstoday at 98.11 and below there at 97.73.