More new lows on the charts overnight leaves the technical bias pointing downward in the Yen. Part of thepressure in the Yen is the result of disappointing economic survey results and part of the pressure is the result ofwaning safe haven interest in the Yen. We see a return to the mid-January consolidation lows down around the95.48. While the Chinese stimulus failed to meet some expectations, that move should add to the slow downwardslide in the Yen ahead.
Technical Outlook: Daily stochastics declining into oversold territory suggest the selling may bedrying up soon. The market’s short-term trend is negative as the close remains below the 9-day moving average.The market’s close below the pivot swing number is a mildly negative setup. The next downside target is 96.04.The 9-day RSI under 30 indicates the market is approaching oversold levels. The next area of resistance isaround 96.49 and 96.69, while 1st support hits today at 96.17 and below there at 96.04.