A well-defined pattern of lower highs on the charts leaves the trend pointing down especially with BOJ members overnight promising even more easing moves ahead. Sell rallies to 85.06 in the December Yen with a near term downside objective of 83.20.
Technical Outlook: Rising from oversold levels, daily momentum studies would support higher prices, especially on a close above resistance. The market’s short-term trend is negative as the close remains below the 9-day moving average. The market’s close below the pivot swing number is a mildly negative setup. The near-term upside target is at 85.30. Selling may soon dry up since the RSI is under 20 indicating the market is extremely oversold. The next area of resistance is around 84.89 and 85.30, while 1st support hits today at 84.23 and below there at 83.99.