The Yen bulls have to be a little discouraged this morning that weak data from China and Europe has failed to lend safe haven buying support to the Yen. In fact, a range down failure on the charts suggests that the downtrend pattern is poised to extend, especially if consolidation support at 82.87 to 82.82 fails to hold early today.
Technical Outlook: Daily stochastics are trending lower but have declined into oversold territory. The market’s close above the 9-day moving average suggests the short-term trend remains positive. It is a slightly negative indicator that the close was under the swing pivot. The next downside target is 83.09. The next area of resistance is around 83.75 and 84.08, while 1st support hits today at 83.26 and below there at 83.09.