The Yen found little benefit from last night’s Japanese data and Ukraine tensions and remains somewhat onthe defensive coming into this morning’s trading. March Household Spending saw the strongest monthly year-onyearnumber in nearly four decades, but was due in large part to pre-sales tax purchases and carried little weightwith the market. With the Nikkei finding its footing after this week’s Japanese holiday, the Yen could see a fairlysizable downside move if it is unable to hold support at 97.32 after this morning’s US jobs data.
Technical Outlook: Momentum studies trending lower at mid-range could accelerate a pricebreak if support levels are broken. The market back below the 18-day moving average suggests the intermediatetermtrend could be turning down. The market’s close below the pivot swing number is a mildly negative setup.The next downside objective is 97.54. The next area of resistance is around 97.91 and 98.05, while 1st supporthits today at 97.66 and below there at 97.54.