A decline in Japanese March leading indicators of 2.2% overnight was offset by a sharp jump in NipponSteel profits. Like the overnight flow of Japanese news, the Yen looks to remain locked within a range as thecurrency waits for a more definitive signal on where the world economy is headed. Pushed into the Yen today, wewould have to favor the downside but support in the June Yen is probably significant down at 97.88.
Technical Outlook: Studies are showing positive momentum but are now in overbought territory,so some caution is warranted. The market’s close above the 9-day moving average suggests the short-term trendremains positive. It is a mildly bullish indicator that the market closed over the pivot swing number. The near-termupside objective is at 98.88. The next area of resistance is around 98.71 and 98.88, while 1st support hits today at98.24 and below there at 97.93.