The chart pattern in the Yen favors the bear camp and a decline in global geopolitical anxiety facilitates further downside in the Yen ahead. Initial support in the September Yen is seen down at 97.37 and then not untilthe 97.17 level. In short calm on the Ukraine front, positive US data and hope for ECB stimulus talk later this weekleaves the bear camp in the Yen in control.
Technical Outlook: The upside crossover (9 above 18) of the moving averages suggests adeveloping short-term uptrend. The daily stochastics gave a bearish indicator with a crossover down. Decliningmomentum studies in the neutral zone will tend to reinforce lower price action. The market’s close below the 9-day moving average is an indication the short-term trend remains negative. The market’s close below the pivotswing number is a mildly negative setup. The next downside objective is now at 97.25. The next area ofresistance is around 97.69 and 97.92, while 1st support hits today at 97.35 and below there at 97.25.