The yen continues to be a sideshow relative to the Euro and dollar trade but expectations of improved domestic economic expectations in Japan, ongoing strength in the Dollar and a lack of safe haven interest flowing toward the Yen for nearly 4 months, leaves the path of least resistance pointing downward in the Yen.
Technical Outlook: 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 close below the 2nd swing support number puts the market on the defensive. The next downside objective is now at 82.62. The next area of resistance is around 83.55 and 83.89, while 1st support hits today at 82.91 and below there at 82.62.