A fresh downside breakout in the Yen overnight suggests that more declines are ahead, especially afterChinese and Japanese economic news improved overnight. Better Euro zone and German data overnight wouldalso seem to suggest that global economic conditions are on the mend and therefore it is not surprising to see theYen drift back toward the September and October lows. Near term downside targeting is seen at 92.00 and shortsprobably have to risk positions to at least 93.78.
Technical Outlook: Momentum studies trending lower at mid-range could accelerate a pricebreak if support levels are broken. The market’s short-term trend is negative as the close remains below the 9-daymoving average. The market tilt is slightly negative with the close under the pivot. The next downside target is92.88. The next area of resistance is around 93.63 and 93.91, while 1st support hits today at 93.11 and belowthere at 92.88.