In addition to a fresh rekindling of safe haven interest in the Yen off the Ukraine situation, the Yen isprobably drafting some lift off slack Chinese and US data expectations. Another issue that might be lifting the yenis news that Japanese auto sales rose by more than 18% in February. In the short term, we can’t argue against anear term return to the early February highs of 99.27.
Technical Outlook: Stochastics are at mid-range but trending higher, which should reinforce amove higher if resistance levels are taken out. The close above the 9-day moving average is a positive short-termindicator for trend. It is a mildly bullish indicator that the market closed over the pivot swing number. The nextupside objective is 98.87. The next area of resistance is around 98.55 and 98.87, while 1st support hits today at97.84 and below there at 97.44.