A downside breakout on the charts would seem to suggest a deflation of flight to quality interest in the Yento start the new trading week. Some players might see the slightly improved attitude toward the situation in China as cause for economic optimism in the region and that could set the stage for a slide to consolidation support inthe June Yen down at 96.57. Limiting the downside in the Yen, is news that Japanese February housing startsovernight were not up as much as was expected. However, Japan did post an attention getting rise inConstruction Orders of 12.3% over year ago levels.
Technical Outlook: The major trend has turned down with the cross over back below the 60-daymoving average. Momentum studies trending lower at mid-range should accelerate a move lower if support levelsare taken out. The close under the 18-day moving average indicates the intermediate-term trend could be turningdown. The swing indicator gave a moderately negative reading with the close below the 1st support number. Thenext downside objective is 96.53. The next area of resistance is around 97.73 and 98.34, while 1st support hitstoday at 96.83 and below there at 96.53.