An ongoing pattern of lower highs in the Yen would seem to leave the bear camp in control of the Yen. Additional easing moves by China and India should favor the bear camp in the Yen, as coordinated action by 2 major economic zones should indirectly benefit Japan’s effort to return to self-propagating growth. The path of least resistance in the Yen is down and near term targeting is seen down at 83.20.
Technical Outlook: Declining momentum studies in the neutral zone will tend to reinforce lower price action. A negative signal for trend short-term was given on a close under the 9-bar moving average. The daily closing price reversal up is a positive indicator that could support higher prices. With the close over the 1st swing resistance number, the market is in a moderately positive position. The next downside target is 82.89. The next area of resistance is around 83.85 and 84.12, while 1st support hits today at 83.23 and below there at 82.89.