Given the rise in uncertainty toward Europe, the prospect of more significant global equity market losses ahead and the fact that the Yen currently sits in the bottom quarter of the last 8 months trading range would seemto leave the bull camp with some near term potential. With repatriation of funds and a rise above resistance at97.74, the September Yen might be poised to a rise above 98.00.
Technical Outlook: Daily stochastics declining into oversold territory suggest the selling may bedrying up soon. A negative signal for trend short-term was given on a close under the 9-bar moving average. It isa mildly bullish indicator that the market closed over the pivot swing number. The next downside target is 97.02.The next area of resistance is around 97.75 and 97.91, while 1st support hits today at 97.31 and below there at97.02.