he yen has held a relatively weak upward track on the charts and seeing Japanese April housing startscome in better than extremely weak projections has left the bull camp with a minimal edge. The fact thatJapanese housing starts declined by 3.3% over the prior year, that Japanese auto exports were down and thatJapanese auto production was also down was partially countervailed by news that Japanese April constructionorders increased sharply over year ago levels. The bulls might have an edge, but momentum looks to be veryweak.
Technical Outlook: Declining momentum studies in the neutral zone will tend to reinforce lowerprice action. The market’s short-term trend is negative as the close remains below the 9-day moving average. Theclose over the pivot swing is a somewhat positive setup. The next downside target is 97.94. The next area ofresistance is around 98.47 and 98.74, while 1st support hits today at 98.08 and below there at 97.94.