An apparent downside shift in global macro-economic expectations has rekindled long interest in the Yen.Therefore a slight safe haven tilt appears to have re-surfaced with Fitch affirming Japan’s A+ rating. Apparentlythe markets discounted the negative outlook toward Japan and that could leave the June Yen poised to return tothe top of the lengthy consolidation zone up at 98.58.
Technical Outlook: Momentum studies trending lower at mid-range could accelerate a pricebreak if support levels are broken. The close under the 18-day moving average indicates the intermediate-termtrend could be turning down. The market tilt is slightly negative with the close under the pivot. The next downsideobjective is 97.55. The next area of resistance is around 97.95 and 98.12, while 1st support hits today at 97.67and below there at 97.55.