Overnight the Yen has thrown off the bearish tilt that was in control from the June 30th peak. The Yen mightbe seeing some repatriation of funds in the wake of an earthquake in the north and because of a looming supertyphoon in the south. However, it is also possible that the Yen is garnering some lift from improved sentimenttoward Chinese economic activity and from a positive OECD prediction of favorable growth in developedeconomies. Top of the up-trend channel is a possible near term target up at 98.83 and support moves up to98.19.
Technical Outlook: The cross over and close above the 60-day moving average indicates thelonger-term trend has turned up. Momentum studies trending lower at mid-range should accelerate a move lowerif support levels are taken out. The close below the 9-day moving average is a negative short-term indicator fortrend. Market positioning is positive with the close over the 1st swing resistance. The next downside target is97.73. The next area of resistance is around 98.42 and 98.56, while 1st support hits today at 98.00 and belowthere at 97.73.