Seeing the Yen top out and reverse this week suggests that global economic anxiety is set to cool somewhat. Like other areas seeing a noted decline in oil prices might be just the ticket to shift the strugglingJapanese economy into a forward gear from idle or reverse. Seeing improved economic prospects for Japancould restart the slide in the Yen that began 3 months ago. While there isn’t a definitive short term trend in theYen, pushed into the market today, we favor the downside.
Technical Outlook: 2014: Rising stochastics at overbought levels warrant some caution for bulls. Themarket’s close above the 9-day moving average suggests the short-term trend remains positive. With the closehigher than the pivot swing number, the market is in a slightly bullish posture. The next upside objective is 94.04.The next area of resistance is around 93.76 and 94.04, while 1st support hits today at 93.20 and below there at92.93.