The Yen is showing some minor recovery action overnight perhaps because of the rising fear of a Russian contagion, or simply because of renewed declines in oil and renewed deflationary fears. The trend should remain down in the Yen, but sharp short covering rallies might be expected at times next week.
Technical Outlook: Stochastics trending lower at midrange will tend to reinforce a move lower especially if support levels are taken out. A negative signal for trend short-term was given on a close under the 9-bar moving average. The market is in a bearish position with the close below the 2nd swing support number. The next downside objective is now at 82.44. The next area of resistance is around 83.14 and 83.53, while 1st support hits today at 82.60 and below there at 82.44.