The yen continues to decline in a fashion that suggests conditions in the global economy are on the mend. In fact, some of the selling in the Yen this week might have been the result of ideas that improved US growth willhelp propel the global recovery forward. Initial downside targeting in the September Yen is seen down at 97.90today and it could take an under estimate US payroll result just to alter the bearish path in the Yen today.
Technical Outlook: Momentum studies trending lower at mid-range could accelerate a pricebreak if support levels are broken. The close below the 9-day moving average is a negative short-term indicatorfor trend. The market setup is somewhat negative with the close under the 1st swing support. The next downsidetarget is now at 97.95. The next area of resistance is around 98.52 and 98.80, while 1st support hits today at98.10 and below there at 97.95.