The Yen continues to waffle around both sides of the 50 day moving average but it also seems as if the Yen is forging an extremely tight coiling pattern that could eventually signal a major trend decision. We think the long entrenched down trend has run its course in the Yen and that evidence of global recovery is surfacing and therefore a return to 83.45 might be considered a position buy opportunity.
Technical Outlook: Momentum studies are rising from mid-range, which could accelerate a move higher if resistance levels are penetrated. The close above the 9-day moving average is a positive shortterm indicator for trend. The close over the pivot swing is a somewhat positive setup. The next upside objective is 84.45. The next area of resistance is around 84.29 and 84.45, while 1st support hits today at 83.99 and below there at 83.84.