There continues to be just enough global geopolitical uncertainty to underpin the Yen near its recent highs. While the upward track in the Yen doesn’t look to be overly impressive ahead, a slow up trend pattern might beset to unfold. However, initial resistance at 98.96 might be able to restrain the September contract in the earlyaction today.
Technical Outlook: Momentum studies are trending higher from mid-range, which shouldsupport a move higher if resistance levels are penetrated. The close above the 9-day moving average is apositive short-term indicator for trend. The daily closing price reversal down is a negative indicator for prices. Theclose over the pivot swing is a somewhat positive setup. The next upside objective is 99.09. The next area ofresistance is around 98.88 and 99.09, while 1st support hits today at 98.54 and below there at 98.40.