The Yen is once again pushing the lower end of its four day trading range. It is indicative of a market that ready to fall apart. At the heart of Japan’s manufacturing sector Machine Tool Orders once again came in negative, albeit the least negative seen in years, but still negative. This indicates there is still work needed by Abe’s government and the BOJ to further support the economy and lower the value of the Yen. Concern the rest of today will be on the fading US action against Syria, a negative for the safety of the Yen.
Technical Outlook
JPY (SEP): Momentum studies are still bearish but are now at oversold levels and will tend to support reversal action if it occurs. The market’s close below the 9-day moving average is an indication the short-term trend remains negative. The market tilt is slightly negative with the close under the pivot. The next downside objective is 99.57. The next area of resistance is around 100.81 and 101.14, while 1st support hits today at 100.03 and below there at 99.57.