The Yen has displayed some recovery action overnight despite what should have been a reduction in safe haven flow toward the Yen. Perhaps the Yen is cheered by the tempering of anxiety from the Ukraine deal and perhaps the Yen is seeing some indirect support from the Swedish rate cut but it is also likely that the Yen is being boosted by talk from BOJ officials that additional easing by the BOJ might be have a negative impact on the Japanese economy. The bulls have a thin suspect edge today.
Technical Outlook: Momentum studies are declining, but have fallen to oversold levels. The market’s close below the 9-day moving average is an indication the short-term trend remains negative. The close below the 1st swing support could weigh on the market. The next downside objective is 82.50. The next area of resistance is around 83.56 and 84.11, while 1st support hits today at 82.76 and below there at 82.50.