A very tight coiling pattern in the Yen continues to hint at the potential for a major decision ahead. Given theFebruary slide in the Yen, we have to leave the bias pointing downward, especially with many US equity marketsyesterday reaching up to new highs, as that would seem to point to declining global anxiety, not to increasingglobal anxiety. Weakness in the yuan might also be providing some temporary support to the Yen, but tradersshould look to be a seller of the March Yen on a rally to down trend channel resistance of 98.28 today, with thatdown trend channel resistance line falling to 98.21 on Wednesday.
Technical Outlook: Momentum studies are declining, but have fallen to oversold levels. Theclose below the 9-day moving average is a negative short-term indicator for trend. The market has a slightlypositive tilt with the close over the swing pivot. The next downside target is now at 97.15. The next area ofresistance is around 97.87 and 98.12, while 1st support hits today at 97.39 and below there at 97.15.