A fresh new low for the move leaves the bear camp in control to start especially with upcoming growthreadings on Monday expected to be a major catalyst on the subject of elections. In the short term, the technicaland fundamental bias remains down in the Yen and longer term downside targets are seen down at 82.00. Adelay in the sales tax hike simply leaves the bear camp with the fundamental edge to maintain control over the Yen.
Technical Outlook: Momentum studies are declining, but have fallen to oversold levels. Themarket’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 objective isnow at 86.02. Selling may soon dry up since the RSI is under 20 indicating the market is extremely oversold. Thenext area of resistance is around 86.62 and 86.90, while 1st support hits today at 86.18 and below there at 86.02.