A slight normalization of emerging market sentiment has seemingly taken the bid out of the Yen. However,with Asian equities remaining within close proximity to significant lows on their charts and the US Fed meetinglooming directly ahead it is possible that the Yen will see some residual safe haven support over the coming 2trading sessions. On the other hand, the March Yen might see a return to near term support on the charts down at95.96 in the face of the recovery action in global equity markets today.
Technical Outlook: Momentum studies are trending higher but have entered overbought levels.The market’s close above the 9-day moving average suggests the short-term trend remains positive. The dailyclosing price reversal down is a negative indicator for prices. It is a slightly negative indicator that the close wasunder the swing pivot. The near-term upside target is at 98.56. The next area of resistance is around 97.98 and98.56, while 1st support hits today at 97.00 and below there at 96.59.