The Yen has risen above its 50 day moving average and seems to be poised to retest the June highs up at98.48. Weakness in the Dollar, positive Japanese sentiment results, a higher Nikkei and mostly upbeat BOJdialogue overnight simply leaves the bull camp with the near term edge. Support in the September Yen rises up tothe 50 day moving average of 98.09.
Technical Outlook: The cross over and close above the 60-day moving average is an indicationthe longer-term trend has turned positive. The moving average crossover up (9 above 18) indicates a possibledeveloping short-term uptrend. Momentum studies are rising from mid-range, which could accelerate a movehigher if resistance levels are penetrated. The market now above the 18-day moving average suggests theintermediate-term trend has turned up. The daily closing price reversal up is a positive indicator that could supporthigher prices. The market setup is supportive for early gains with the close over the 1st swing resistance. Thenear-term upside objective is at 98.61. The next area of resistance is around 98.45 and 98.61, while 1st supporthits today at 97.87 and below there at 97.46.