A pattern of higher lows, a lack of definitive alternatives and residual support from Chinese export data overthe weekend, leaves the bull camp in the Yen with a slight edge. Support in the December Yen is seen at 93.10.News that Japanese officials are set to hold a meeting on the potential negative influences of an ultra-weakcurrency, might add to the short covering impetus in the Yen, which appears to be poised to forge a near term riseback above the 94.00 level.
Technical Outlook: Momentum studies are trending higher but have entered overbought levels.A positive signal for trend short-term was given on a close over the 9-bar moving average. If yesterday’s gaphigher on the day session chart holds, additional buying could develop this session. The market has a bullish tiltcoming into today’s trade with the close above the 2nd swing resistance. The near-term upside objective is at94.01. The next area of resistance is around 93.87 and 94.01, while 1st support hits today at 93.29 and belowthere at 92.86.