A quasi gap up move in the Yen overnight seems to be the result of slightly better than expected Chinese export figures and it is also possible that some of the gains were technical short covering on the rise abovesignificant resistance of 93.00. Given the technical action to start and a lack of competition in the currencymarkets, there might not be significant resistance in the December Yen until the 94.00 level!
Technical Outlook: The upside crossover of the 9 and 18 bar moving average is a positivesignal. Studies are showing positive momentum but are now in overbought territory, so some caution iswarranted. A positive signal for trend short-term was given on a close over the 9-bar moving average. The closeover the pivot swing is a somewhat positive setup. The next upside objective is 93.27. The next area of resistanceis around 93.13 and 93.27, while 1st support hits today at 92.69 and below there at 92.38.