Yen comes into the action today holding above its 50 day moving average at 97.92 and seeminglypoised to continue to claw higher on its charts. The Yen is seeing some rotation toward the Pound this morningand that usually suggests flight to quality interest in the Yen is waning. Up-trend channel support in the June Yencomes in today at 97.84. and that support channel line rises to 97.97 on Friday.
Technical Outlook: The major trend could be turning up with the close back above the 60-daymoving average. The daily stochastics have crossed over up which is a bullish indication. Stochastics are at midrangebut trending higher, which should reinforce a move higher if resistance levels are taken out. The market’sclose above the 9-day moving average suggests the short-term trend remains positive. With the close over the 1stswing resistance number, the market is in a moderately positive position. The near-term upside target is at 98.47.The next area of resistance is around 98.26 and 98.47, while 1st support hits today at 97.76 and below there at97.46.