The tight coiling pattern in the Yen continues despites the latest stimulus salvo from the BOJ andaggressive moves by the Japanese government to increase tourism. Significant resistance in the September yenis seen today close-in at 98.27 and support isn’t seen until the 97.92 level.
Technical Outlook: Momentum studies are trending higher from mid-range, which shouldsupport a move higher if resistance levels are penetrated. The close above the 9-day moving average is apositive short-term indicator for trend. The close over the pivot swing is a somewhat positive setup. The nextupside objective is 98.47. The next area of resistance is around 98.32 and 98.47, while 1st support hits today at97.98 and below there at 97.78.