Consolidation above the 96.00 level has emboldened the bull camp in the Yen. It is possible that the Yenhas reached a solid value zone and that talk of a cease-fire in Gaza and hope of ECB stimulus has helped Asianeconomic sentiment improve. One also has to think that the Yen is benefiting from a recent pattern of rising openinterest over the last two months as that again might hint at a fundamental and technical value zone on the charts.
Technical Outlook: Momentum studies are declining, but have fallen to oversold levels. Anegative signal for trend short-term was given on a close under the 9-bar moving average. It is a slightly negativeindicator that the close was under the swing pivot. The next downside objective is now at 95.77. With a readingunder 20, the 9-day RSI indicates the market is extremely oversold. The next area of resistance is around 96.33and 96.56, while 1st support hits today at 95.93 and below there at 95.77.