The Yen retains a slightly positive tilt into the Thursday US trade but we suspect that the market will beginto run into significant overhead resistance up at 98.80. Overnight the BOJ suggested that domestic growth mightbe set to exceed their expectations and that their latest easing efforts should be more effective than the easingefforts seen between 2001 and 2006. News that the BOJ will continue to ease should serve to cap off the rally inthe Yen especially since the Yen is approaching significant overhead consolidation resistance.
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. It is a slightlynegative indicator that the close was lower than the pivot swing number. The next upside objective is 98.53. Thenext area of resistance is around 98.30 and 98.53, while 1st support hits today at 97.88 and below there at 97.70.