The March Yen remains under the 50 day moving average which comes in today at 84.24. The Yen sees marginal support from news that the BOJ doesn’t see the need to implement fresh easing but we suspect that the Chinese holiday serves to dampen economic activity in the region and we also suspect residual Dollar strength into the FOMC statement release today leaves fairly significant resistance hanging over the Yen.
Technical Outlook: Stochastics are at mid-range but trending higher, which should reinforce a move higher if resistance levels are taken out. The close below the 9-day moving average is a negative shortterm indicator for trend. The outside day down is somewhat negative. The market setup is somewhat negative with the close under the 1st swing support. The near-term upside objective is at 84.96. The next area of resistance is around 84.30 and 84.96, while 1st support hits today at 83.38 and below there at 83.11.