With a pattern of positive euphoria generally seen at the start of this week, acceptable Chinese Industrialoutput figures and ongoing gains in US equities, the bear camp in the Yen retains an edge. Near term downsidetargeting and a significant consolidation support zone from the last 4 months trade, is seen at 97.50 but short termbuyers might wait for a dip to 97.32 for a short term trade entry point.
Technical Outlook: A bearish signal was triggered on a crossover down in the daily stochastics.Momentum studies trending lower at mid-range should accelerate a move lower if support levels are taken out.The close below the 9-day moving average is a negative short-term indicator for trend. The close below the 2ndswing support number puts the market on the defensive. The next downside objective is now at 97.63. The nextarea of resistance is around 98.09 and 98.34, while 1st support hits today at 97.74 and below there at 97.63.