Optimism from a number of global PMI results has prompted an exodus of safe haven interest in the Yen. The September Yen was also technically overdone and vulnerable into the highs forged yesterday. Therefore anear term retrenchment back down to pivot point support of 98.24 might be possible today, especially if US dataflows leaves the risk-on vibe in place.
Technical Outlook: The daily stochastics have crossed over up which is a bullish indication.Stochastics are at mid-range but trending higher, which should reinforce a move higher if resistance levels aretaken out. The close above the 9-day moving average is a positive short-term indicator for trend. With the closehigher than the pivot swing number, the market is in a slightly bullish posture. The near-term upside target is at98.96. The next area of resistance is around 98.87 and 98.96, while 1st support hits today at 98.65 and belowthere at 98.51.