Apparently the Yen decline has stalled, as the overall global economic outlook has deteriorated recently and therefore the August and September slide in the Yen has at least temporarily undervalued the Yen. Near termcorrective potential in the December Yen is seen up at 92.66 but it would take a rise back above a retracementlevel of 94.16 to effectively reverse the entrenched downtrend pattern.
Technical Outlook: The stochastics indicators are rising from oversold levels, which is bullishand should support higher prices. The market’s short-term trend is negative as the close remains below the 9-daymoving average. The downside closing price reversal on the daily chart is somewhat negative. The close over thepivot swing is a somewhat positive setup. The near-term upside objective is at 92.66. More downside action maybe limited by the RSI under 20 putting the market in extremely oversold territory. The next area of resistance isaround 92.24 and 92.66, while 1st support hits today at 91.62 and below there at 91.41.