Yen is seeing a slight hook up this morning as safe haven issues surface in the wake of fresh Russian sanctions. Positive views on a Japanese recovery were floated from the BOJ again overnight and given thepositive technical action overnight, there might be little in the way of resistance seen until 98.73 and perhaps notuntil the 98.84 level.
Technical Outlook: The daily stochastics have crossed over up which is a bullish indication.Positive momentum studies in the neutral zone will tend to reinforce higher price action. The market’s close belowthe 9-day moving average is an indication the short-term trend remains negative. It is a slightly negative indicatorthat the close was lower than the pivot swing number. The next upside target is 98.51. The next area ofresistance is around 98.43 and 98.51, while 1st support hits today at 98.27 and below there at 98.19.