The Yen is poised just above what appears to be critical consolidation low support of 92.33. As we havesuggested before, the Yen appears to be in a long term down trend which should culminate in an eventual returnbelow 90.00 but the outlook for the Japanese economy has to get back on track and global uncertainty has todecline further. The Yen bears should be cheered by a surprise jump in Japanese factory output as that suggestsJapanese money might become confident enough soon to leave home in search of higher returns abroad. Inorder to see the Yen breakout down probably requires stronger data and the ability to absorb more sales taxes.Pushed into the market we would like to sell a bounce in the Yen.
Technical Outlook: Momentum studies trending lower at mid-range could accelerate a pricebreak if support levels are broken. A negative signal for trend short-term was given on a close under the 9-barmoving average. The close below the 1st swing support could weigh on the market. The next downside objectiveis 92.16. The next area of resistance is around 92.68 and 92.99, while 1st support hits today at 92.27 and belowthere at 92.16.