The Yen has also managed to respect what appears to have become technical support on the charts. Thebull camp might also point to the steady rise in open interest on the August slide as that might hint ataccumulation of Yen in a way that suggests the trade sees value in the Yen below the 97.00 level. With US datasurprisingly choppy, geopolitical troubles lingering in Europe and little economic direction flowing from China it ispossible that the 96.00 level in the Yen is seen by many as a strong value zone.
Technical Outlook: Daily stochastics are trending lower but have declined into oversold territory.The market’s close below the 9-day moving average is an indication the short-term trend remains negative. It is aslightly negative indicator that the close was lower than the pivot swing number. The next downside target is95.77. With a reading under 20, the 9-day RSI indicates the market is extremely oversold. The next area ofresistance is around 96.33 and 96.49, while 1st support hits today at 95.97 and below there at 95.77.