With a down shift in global economic anxiety overnight, the tilt in the Yen is pointing downward. However,until the economic track toward the US and or China improves, it could be difficult for the Yen fall out of the lastmonth’s consolidation zone to the downside. Near term support in the Yen and a target to start today is 97.76, butmore significant support is seen down at 97.44.
Technical Outlook: Positive momentum studies in the neutral zone will tend to reinforce higherprice action. The market’s short-term trend is positive on the close above the 9-day moving average. A positivesetup occurred with the close over the 1st swing resistance. The near-term upside target is at 99.04. The nextarea of resistance is around 98.85 and 99.04, while 1st support hits today at 98.43 and below there at 98.21.