Home » Yen To Dollar Daily Chart » Dollar Yen – Daily Chart 15th April 2009

Dollar Yen – Daily Chart 15th April 2009

USD/JPY - FX Chart Daily Candle 15th April 2009

USD/JPY – FX Chart Daily Candle 15th April 2009

With the platform now in place for a move higher in the dollar yen pair, yesterday’s wide spread down bar which closed below both the 9 and 14 day moving averages came as a minor blip which I anticipate is purely a temporary move by the market to take out stops before pushing higher.  Indeed in this morning’s early trading we have seen this once again and in addition the low of the day has so far bounced off the 40 day moving average along with support from the immediate consolidation below.  This morning’s price action provides some ideal buying opportunities for our longer term buy and hold strategy for this currency pair and I would suggest buying anywhere below 98.85 or slightly above with a stop loss set relatively deep at 95.34 or below.  My initial target for the trade is marginally below 102 before we hit the next area of major resistance and should we manage to clear 102 then I would look for a target of 105.

The only item of fundamental news on the economic calendar for the Japanese Yen was earlier this morning with the revised industrial production figures coming in on target at -9.4%.  All the other news for the dollar yen pair is covered on the eurodollar site where we have a raft of facts and figures being released in the US, topped off by the crucial Treasury Currency Report.  This report provides a detailed view on international exchange rate policies and underlying economic conditions and, more importantly, provides and insight into the US Treasury’s view of world central banks and their governments, and which of these are likely to be involved in currency manipulation to improve their own economic position.

You can keep up to date with all the latest fundamental news on the economic calendar, latest currency news and live charts by simply following the links.  I have also included details on an excellent ECN broker.