A recent pattern of lower highs and a temporary probe below 98.00 would seem to leave the bias in the Yenpointing downward. A decline in economic uncertainty in the Euro zone, talk of stimulus in China and a decline inUkraine/Russian tensions would seem to leave the Yen facing some ongoing safe haven long liquidationpressure. In the near term, we can’t rule out at least a temporary retest of the 97.78 level.
Technical Outlook: Momentum studies trending lower at mid-range could accelerate a pricebreak if support levels are broken. The market’s short-term trend is negative as the close remains below the 9-daymoving average. The market’s close below the pivot swing number is a mildly negative setup. The next downsidetarget is 97.64. The next area of resistance is around 98.27 and 98.51, while 1st support hits today at 97.84 andbelow there at 97.64.