While the bull camp might suggest that they hold a technical edge from the charts, up-trend channel supportis seen today at 98.07 in the September Yen and resistance is fairly close-in at 98.35. A lack of distinct directionfor most of the world economy, suggests that the Yen stands a good chance of remaining in a coiling pattern.
Technical Outlook: The daily stochastics have crossed over down which is a bearish indication.Stochastics trending lower at midrange will tend to reinforce a move lower especially if support levels are takenout. The market’s short-term trend is positive on the close above the 9-day moving average. The close over thepivot swing is a somewhat positive setup. The next downside target is now at 97.08. The next area of resistanceis around 98.94 and 99.97, while 1st support hits today at 97.50 and below there at 97.08.