There should be enough global economic uncertainty to propel the Yen into a fresh upside breakout in thecoming trading sessions. While it might seem to be an overreaction, slowing fears are on the rise again, Chinesegrowth is reportedly set to hit a 5 year low and investors are searching for safe haven harbors again. Thereforethe Yen is likely to see some inflow and a rise above the October high of 93.04 is probably in the offing.
Technical Outlook: Momentum studies are rising from mid-range, which could accelerate amove higher if resistance levels are penetrated. The market’s close above the 9-day moving average suggeststhe short-term trend remains positive. With the close higher than the pivot swing number, the market is in aslightly bullish posture. The next upside objective is 93.38. The next area of resistance is around 93.04 and 93.38,while 1st support hits today at 92.36 and below there at 92.02.