A lower low for the Yen to start favors the bear camp. Reduced financial market concerns in China, lowertensions in the Ukraine and generally higher global equity market action would seem to leave the Yen in adownward track on the charts, as safe haven interest is waning. However, the Yen might see a slight revival in thewake of the US data window but talk of global stimulus programs from the G20 meeting might leave the bearcamp with the edge. Near term downside targeting is seen at 97.34 but to fall below that level might require betterthan expected US data and or a strong upward pattern in global equities.
Technical Outlook: Momentum studies are still bearish but are now at oversold levels and willtend to support reversal action if it occurs. The market’s short-term trend is negative as the close remains belowthe 9-day moving average. The market tilt is slightly negative with the close under the pivot. The next downsideobjective is 97.16. The next area of resistance is around 98.10 and 98.59, while 1st support hits today at 97.38and below there at 97.16.