The March Yen saw an initial attempt to rally but was unable to sustain that rally and that leaves the bearcamp with a technical edge. There continues to be hope that a corporate tax cut will be put in place and thatclearly boosted Japanese stocks and revived pressure on the Yen. Near term downside targeting in the MarchYen is seen down at even numbers of 95.00 and with the Chinese moving to quell a liquidity crunch, the Yenprobably sees some ongoing measure of safe haven liquidation selling pressure ahead.
Technical Outlook: Momentum studies trending lower at mid-range should accelerate a movelower if support levels are taken out. A positive signal for trend short-term was given on a close over the 9-barmoving average. The close over the pivot swing is a somewhat positive setup. The next downside target is now at95.64. The next area of resistance is around 96.07 and 96.17, while 1st support hits today at 95.81 and belowthere at 95.64.