With somewhat positive Chinese economic vibes and mostly positive Asian equity market action, the sellershave regained an edge in the Yen. In fact, shares of Japanese exporters were on the rise today off hopes ofdeclines in the Yen ahead. Seeing Asian equities rally off positive cyclical stock ideas overnight could set thestage for a slide in the September Yen down to the recent consolidation lows of 98.28 but a further decline to thebottom of the last two months range of 98.00 can’t be ruled out if Asian equity markets manage a series ofpositive daily action ahead.
Technical Outlook: Positive momentum studies in the neutral zone will tend to reinforce higherprice action. The market’s close above the 9-day moving average suggests the short-term trend remains positive.The market tilt is slightly negative with the close under the pivot. The next upside target is 98.93. The next area ofresistance is around 98.77 and 98.93, while 1st support hits today at 98.56 and below there at 98.50.