A measure of rising uncertainty toward the global economic outlook has temporarily stalled the downward march on the Yen charts. Weaker oil prices, a downside failure in the Euro and residual fear toward the pace of the Chinese economy, could limit the downside action in the Yen early this week. Near term consolidation support could be significant at 82.86 and then again down at 82.18 on the weekly charts!
Technical Outlook: Momentum studies are still bearish but are now at oversold levels and will tend to support reversal action if it occurs. A negative signal for trend short-term was given on a close under the 9-bar moving average. The close below the 2nd swing support number puts the market on the defensive. The next downside target is now at 82.45. The next area of resistance is around 83.36 and 83.78, while 1st support hits today at 82.70 and below there at 82.45.