Dollar To Yen - Daily Chart USD/JPY Candle 29th June 2009
There is little I can add to the price action for the dollar yen pair that I have not said before, as the pair continue to slide lower in ever smaller incremental steps. This downward pressure was helped on Friday with a down bar which found the 9 day moving average an impenetrable barrier, and with the 40 day and 14 now crossing this is reinforcing the current bearish tone. A break and hold below 94 is needed to validate the current picture. In a search for further evidence of the probability that the dollar is likely to weaken against the yen a look at the monthly chart shows a candle with a deep upper shadow which has failed to break the 14 month moving average and with all three moving averages weighing heavily this reinforces my bearish view even further. There were two items of fundamental news on the economic calendar for Japan earlier today, namely the preliminary industrial production figures and retail sales, both of which came in worse than expected. The first was forecast at 7.1% with an actual of 5.9% (no change on last month) whilst retail sales were forecast at -2.6% and came in at -2.8% which were once again the same as last month. With regard to the US there is no news at all today as the market awaits the 4th of July holiday on Friday, ADP on Wednesday and non farm payroll numbers on Thursday.
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