The yen has shown a weak start to the trading week as higher global equity markets have countervailed thenegative macro-economic vibe that was in place at times last week. However, industrial output in Japan for themonth of May was also revised higher and that might provide some cushion for the Yen against what appears tobe a minor corrective tilt ahead. Near term downside corrective targeting is seen down at 98.19.
Technical Outlook: Momentum studies are rising from mid-range, which could accelerate amove higher if resistance levels are penetrated. The close above the 9-day moving average is a positive shorttermindicator for trend. The market has a slightly positive tilt with the close over the swing pivot. The next upsidetarget is 98.92. The next area of resistance is around 98.83 and 98.92, while 1st support hits today at 98.67 andbelow there at 98.59.