A fresh higher high overnight in the Yen suggests some lift from a combination of renewed safe haven interest in the Yen and it also suggests that official Japanese central bank dialogue overnight has added to theupward track in the Yen. Clearly safe haven interest in the Yen should rise ahead of the weekend as the situationin the Ukraine remains very fluid and one could suggest that Japanese officials are more openly talking about areturn to more normal economic conditions. We can’t rule out a rise to 98.60 and perhaps 98.80 in the comingsessions.
Technical Outlook: Positive momentum studies in the neutral zone will tend to reinforce higherprice action. The market’s short-term trend is positive on the close above the 9-day moving average. The closeover the pivot swing is a somewhat positive setup. The next upside objective is 98.38. The next area of resistanceis around 98.24 and 98.38, while 1st support hits today at 97.80 and below there at 97.49.