Fresh technical damage on the Yen charts overnight leave the bear camp in control. We are a little surprised that the Yen didn’t see some flight to quality lift off the revelation of downwardly revised Chinese 2015 growth targets. The downward tilt in the Yen is partially justified by improved Japanese economic expectations, as that in turn tamps down safe haven interest in the Yen. Next critical chart support in the March Yen is seen down at 83.16, with the 50 day moving average sitting well above today’s market up at 84.15.
Technical Outlook: Momentum studies trending lower at mid-range could accelerate a price break if support levels are broken. The market’s close below the 9-day moving average is an indication the shortterm trend remains negative. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The next downside target is 83.33. The next area of resistance is around 83.65 and 83.80, while 1st support hits today at 83.42 and below there at 83.33.