Yen might see its flight to quality role tempered today as Chinese data overnight was slightly positiveand US data later today might be seen as acceptable. Therefore it could be difficult for the Yen to retest the highup at 98.48 without a significant slide in US equities, exploding world oil prices and some other late breakingnegative economic revelation from China. On the other hand, up-trend channel support is seen somewhat closeinat 97.75 today and that support rises to 97.82 on Monday.
Technical Outlook: Momentum studies are trending higher from mid-range, which shouldsupport a move higher if resistance levels are penetrated. The intermediate trend could be turning up with theclose back above the 18-day moving average. A positive setup occurred with the close over the 1st swingresistance. The near-term upside target is at 98.78. The next area of resistance is around 98.63 and 98.78, while1st support hits today at 98.11 and below there at 97.75.