More technical damage on the charts would seem to leave the downward bias in place in the Yen. Perhapsthe Yen is seeing some spillover liquidation from the fresh fear of slowing from the protests in China and perhapsthe Yen is under pressure because of status quo comments from the BOJ overnight regarding the Japaneseeconomy. Near term downside targeting in the December Yen is seen at even numbers of 90.00.
Technical Outlook: The market made a new contract low on the break. Rising from oversoldlevels, daily momentum studies would support higher prices, especially on a close above resistance. The market’sclose below the 9-day moving average is an indication the short-term trend remains negative. The daily closingprice reversal down puts the market on the defensive. The market setup is somewhat negative with the closeunder the 1st swing support. The near-term upside objective is at 92.61. Selling may soon dry up since the RSI isunder 20 indicating the market is extremely oversold. The next area of resistance is around 92.03 and 92.61,while 1st support hits today at 91.09 and below there at 90.72.