Negative chart action and a lack of definitively upbeat economic data leaves the bear camp in control of the Yen ahead. Near term downside targeting is seen down at 83.15 in the March Yen especially since the Nikkei continues to signal improving economic prospects, which seems to be largely the result of a very favorable exchange rate for export industries.
Technical Outlook: Positive momentum studies in the neutral zone will tend to reinforce higher price action. The market’s close above the 9-day moving average suggests the short-term trend remains positive. The daily closing price reversal up on the daily chart is somewhat positive. The close over the pivot swing is a somewhat positive setup. The next upside objective is 84.48. The next area of resistance is around 84.37 and 84.48, while 1st support hits today at 83.99 and below there at 83.71.