Surprisingly the Yen has remained weak this morning despite talk of a possible negative growth 2015 forecast from the BOJ. However, residual strength in the Dollar and positive US economic momentum looks to leave the near term bias in the Yen pointing downward. Therefore we can’t rule out a near term return to consolidation support in the March Yen down at 82.93.
Technical Outlook: Stochastics are at mid-range but trending higher, which should reinforce a move higher if resistance levels are taken out. The market’s short-term trend is positive on the close above the 9-day moving average. It is a slightly negative indicator that the close was lower than the pivot swing number. The near-term upside target is at 84.81. The next area of resistance is around 84.39 and 84.81, while 1st support hits today at 83.59 and below there at 83.20.