The action in the Yen is choppy as the ebb and flow of safe haven interest has been inconsistent this week.While the yen did manage a fresh new high for the move overnight on favorable BOJ economic talk, it would notappear as if the Yen has the capacity to return to the recent consolidation highs, let alone forge an upsidebreakout. However, the Yen probably saw its initial strength overnight off statements from the BOJ, that mid tolonger term inflation signals were starting to rise. However, the Yen probably continues to waffle within a rangedefined as 98.50 to 97.70 until the trade determines the actual track of the global economy.
Technical Outlook: The cross over and close above the 60-day moving average is an indicationthe longer-term trend has turned positive. Momentum studies trending lower at mid-range should accelerate amove lower if support levels are taken out. The cross over and close above the 18-day moving average is anindication the intermediate-term trend has turned positive. There could be more upside follow through since themarket closed above the 2nd swing resistance. The next downside objective is now at 97.59. The next area ofresistance is around 98.48 and 98.68, while 1st support hits today at 97.94 and below there at 97.59.