A range up effort in the Yen highlights rising global anxiety which in turn has resulted in Japanese money repatriating back home. A significant rise in volume yesterday on a strong range up move leaves the bull camp inthe Yen with an added measure of technical prowess. We see little in the way of resistance until the 96.00 levelespecially if fear and anxiety continues to dominate sentiment into the end of the week.
Technical Outlook: The market now above the 40-day moving average suggests the longer-termtrend has turned up. Rising stochastics at overbought levels warrant some caution for bulls. A positive signal fortrend short-term was given on a close over the 9-bar moving average. The outside day up is a positive signal.There could be more upside follow through since the market closed above the 2nd swing resistance. The nextupside objective is 96.27. The 9-day RSI over 70 indicates the market is approaching overbought levels. The nextarea of resistance is around 95.41 and 96.27, while 1st support hits today at 93.38 and below there at 92.20.