Tightened ranges continue to unfold in the Yen as the overall global economic outlook is choppy, anxietytoward activity in China is still high and progress in the Japanese recovery is still suspect. Therefore ongoingwaffling is clearly justified and that might leave traders selling put and call premium on declines to 97.00 andrallies up to 98.50. Supposedly the failure to ink a trade deal with the US provided the Yen with some supportovernight but not enough to move the June Yen away from the middle of the recent trading range.
Technical Outlook: Declining momentum studies in the neutral zone will tend to reinforce lowerprice action. The market now above the 18-day moving average suggests the intermediate-term trend has turnedup. Market positioning is positive with the close over the 1st swing resistance. The next downside objective is nowat 97.14. The next area of resistance is around 97.86 and 98.13, while 1st support hits today at 97.37 and belowthere at 97.14.