The Yen starts the Friday trade under a measure of pressure as the Ukraine situation seems to have prompted a profit taking reversal from this week’s highs. Apparently a lack of serious geopolitical ramificationsfrom the Ukraine has fostered liquidation in the Yen and that could leave little in the way of support until theconsolidation lows down at 98.27.
Technical Outlook: Positive momentum studies in the neutral zone will tend to reinforce higherprice action. The intermediate trend could be turning up with the close back above the 18-day moving average.The market’s close above the 2nd swing resistance number is a bullish indication. The next upside objective is99.20. The next area of resistance is around 99.07 and 99.20, while 1st support hits today at 98.59 and belowthere at 98.25.