An extending consolidation pattern in the Yen above 84.31 is giving the bull camp some resolve. In fact, with the Yen now showing sideways to consolidation action for the better part of 3 months there is talk that perhaps the long and unrelenting slide in the Yen has run its course. In order to shift sentiment squarely in favor of the bull camp today probably requires a rally back above resistance of 85.35.
Technical Outlook: The close under the 60-day moving average indicates the longer-term trend could be turning down. Momentum studies trending lower at mid-range should accelerate a move lower if support levels are taken out. The intermediate trend has turned down with the cross over back below the 18-day moving average. The swing indicator gave a moderately negative reading with the close below the 1st support number. The next downside objective is now at 83.85. The next area of resistance is around 84.94 and 85.50, while 1st support hits today at 84.12 and below there at 83.85.