A slight upward tilt is present in the Yen this morning and that bias might be partially the result of ongoing weakness in global equities and because of a minimal increase in political tensions with China. Technical tradersmight be cheered by a rise above the 50 day moving average of 97.87 and that could leave little in the way ofresistance until the 98.19 level.
Technical Outlook: Daily stochastics declining into oversold territory suggest the selling may bedrying up soon. The market’s short-term trend is negative as the close remains below the 9-day moving average.A positive setup occurred with the close over the 1st swing resistance. The next downside objective is now at97.35. The next area of resistance is around 97.89 and 98.04, while 1st support hits today at 97.55 and belowthere at 97.35.