Seeing a rise in the Japan all-industry Index gives the bear camp in the Yen fresh confidence to continue pressing the Yen downward. With the BOJ thought to be poised to aggressively stimulate and the Dollar and Euroalternating leadership within the currency complex, more downside is expected in the Yen ahead. We continue tostand by our longer term downside targeting in the Yen of 82.00.
Technical Outlook: Daily stochastics are trending lower but have declined into oversold territory.A negative signal for trend short-term was given on a close under the 9-bar moving average. The market’s closebelow the pivot swing number is a mildly negative setup. The next downside objective is now at 85.12. The 9-dayRSI under 20 suggests the market is extremely oversold. The next area of resistance is around 85.81 and 86.15,while 1st support hits today at 85.30 and below there at 85.12.