The Yen has remained in an upward track overnight in the face of discouraging Japanese housing starts forMay and a noted setback in Japanese car exports. Apparently the bulls have control in the Yen, perhaps becauseof a lack of alternatives and perhaps because of the improvement in sentiment seen toward China from last weekthat is provided a flow toward the Yen in the Asian region. There might be little in the way of resistance seen inthe September Yen until the 98.99 level and support moves up to 98.60 today.
Technical Outlook: Momentum studies trending lower at mid-range should accelerate a movelower if support levels are taken out. The market’s close above the 9-day moving average suggests the short-termtrend remains positive. With the close over the 1st swing resistance number, the market is in a moderatelypositive position. The next downside target is now at 98.06. The next area of resistance is around 98.88 and99.07, while 1st support hits today at 98.38 and below there at 98.06.