Ranges in the Yen remain very narrow as a lack of definitive opinion dominates. However, the bear camphas an edge from the slow erosion on the charts and it might also have an edge because of minor ongoing gainsin the Nikkei of late. A series of lower lows remains in place but some temporary support is being seen at the97.50 level. To see the Yen return to the early April lows of 96.00, probably requires positive Chinese PMI data,ongoing gains in global equities and minimally positive US scheduled data.
Technical Outlook: Momentum studies trending lower at mid-range should accelerate a movelower if support levels are taken out. The intermediate trend has turned down with the cross over back below the18-day moving average. The market’s close below the pivot swing number is a mildly negative setup. The nextdownside target is 97.21. The next area of resistance is around 97.63 and 97.82, while 1st support hits today at97.33 and below there at 97.21.