With a slight downshift in anxiety toward the Chinese economy overnight and a minor decline in angsttoward Russia, the safe haven interest in the Yen has waned somewhat. In order to shut off the upward track inthe Yen today, probably requires a decline in US claims and some type of global equity market recovery. Thickresistance is now seen at 98.48 and critical support on the downside is seen today at 97.88.
Technical Outlook: The moving average crossover up (9 above 18) indicates a possibledeveloping short-term uptrend. Momentum studies are rising from mid-range, which could accelerate a movehigher if resistance levels are penetrated. The market’s short-term trend is positive on the close above the 9-daymoving average. The daily closing price reversal down is a negative indicator for prices. The market’s close belowthe 1st swing support number suggests a moderately negative setup for today. The next upside objective is 98.78.The next area of resistance is around 98.41 and 98.78, while 1st support hits today at 97.87 and below there at97.69.