The Yen remains off balance after it was unable to extend the quasi up-side breakout on its chartsyesterday. The Yen might be partially undermined by BOJ dialogue overnight that suggests easing efforts arehaving a positive impact on the Japanese economy. The 100 day moving average down at 97.94 might offer upinitial support but we can’t rule out a further decline to the lower end of the consolidation zone down at 97.62 overthe coming trading sessions.
Technical Outlook: The major trend could be turning up with the close back above the 40-daymoving average. The upside crossover of the 9 and 18 bar moving average is a positive signal. Momentumstudies are rising from mid-range, which could accelerate a move higher if resistance levels are penetrated. Theclose above the 9-day moving average is a positive short-term indicator for trend. The market has a slightlypositive tilt with the close over the swing pivot. The near-term upside objective is at 98.43. The next area ofresistance is around 98.27 and 98.43, while 1st support hits today at 98.03 and below there at 97.94.