The Yen saw some support from private predictions of a coming end to the protracted slide in the Yen. However, a well-defined pattern of lower highs since Mid-December, ongoing ultra-stimulus flow from the BOJ and residual Dollar strength should make it extremely difficult to arrest the ongoing slide in the Yen. Downtrend channel resistance in the March Yen is seen at 85.05 today but that resistance falls down to 84.46 by this coming Friday.
Technical Outlook: Daily stochastics are trending lower but have declined into oversold territory. The market’s close below the 9-day moving average is an indication the short-term trend remains negative. It is a mildly bullish indicator that the market closed over the pivot swing number. The next downside target is now at 82.95. The next area of resistance is around 83.23 and 83.36, while 1st support hits today at 83.03 and below there at 82.95.