Apparently there is enough residual global economic uncertainty to leave the Yen in a minor upward trackon the charts. Limiting the Yen on the upside are fears of a record trade deficit next week. With the potential forslack US data, initial weakness in equities and reports of slack Chinese inflation news overnight, we can’t argueagainst more minor step wise gains in the March Yen.
Technical Outlook: Declining momentum studies in the neutral zone will tend to reinforce lowerprice action. The market’s short-term trend is negative as the close remains below the 9-day moving average. Apositive setup occurred with the close over the 1st swing resistance. The next downside objective is 97.09. Thenext area of resistance is around 98.25 and 98.70, while 1st support hits today at 97.45 and below there at 97.09.