The Yen was unable to hold all of the recent gains and the reversal probably damages the bull casesignificantly. Some suggest that the May gains in the Yen were the result of world-wide slowing fears and withmacro-economic sentiment improving this week, a return to the 97.50 level might be possible in the comingtrading sessions. Initial support and target for the June Yen today is 97.94.
Technical Outlook: Studies are showing positive momentum but are now in overbought territory,so some caution is warranted. The close above the 9-day moving average is a positive short-term indicator fortrend. The daily closing price reversal down is a negative indicator for prices. The market’s close below the pivotswing number is a mildly negative setup. The near-term upside objective is at 99.52. The next area of resistanceis around 99.04 and 99.52, while 1st support hits today at 98.25 and below there at 97.93.