A fresh lower low for the move, weakness in the Dollar and a partial risk-on vibe leaves the bear camp in the Yen with the edge to start the new trading week. Positive equity market action throughout Asia and early gains in US equities suggests that the Yen can resume its downward march on the charts with the next downside targeting zone seen down at 82.50.
Technical Outlook: Momentum studies trending lower at mid-range could accelerate a price break if support levels are broken. A negative signal for trend short-term was given on a close under the 9-bar moving average. The swing indicator gave a moderately negative reading with the close below the 1st support number. The next downside target is 83.29. The next area of resistance is around 84.04 and 84.42, while 1st support hits today at 83.48 and below there at 83.29.