A holiday in Japan today failed to cushion the Yen against a fresh downside extension on its charts. News from China that their economy was becoming more sustainable combined with dual hopes of a debt extension for Greece and hope for a cease fire leaves the Yen out of vogue as a safe haven instrument. Technical damage on the charts leaves the next downside targeting in the March Yen down at 82.82.
Technical Outlook: The close under the 40-day moving average indicates the longer-term trend could be turning down. Daily stochastics declining into oversold territory suggest the selling may be drying up soon. The market’s close below the 9-day moving average is an indication the short-term trend remains negative. The market is in a bearish position with the close below the 2nd swing support number. The next downside objective is 83.04. The next area of resistance is around 84.18 and 84.77, while 1st support hits today at 83.32 and below there at 83.04.