Home » Yen To Dollar Daily Chart » Yen Dollar – Daily FX Chart USD/JPY 7th May 2009

Yen Dollar – Daily FX Chart USD/JPY 7th May 2009

Dollar Yen - Daily Spot Chart For USD/JPY 7th May 2009

Dollar Yen - Daily Spot Chart For USD/JPY 7th May 2009

With Japan now back from their Golden Week Holiday, yesterday provided some much needed price movement in the dollar yen pair which although indecisive, was nevertheless welcome.  The daily candle closed above all three moving averages having first tested all three and bounced off the intertwined 9 and 14 day indicators, suggesting that we may see a move higher in due course which has duly occurred in this morning’s trading session. The daily price is now looking to re-test the 100 price point once again and only a meaningful breakout above the 100.50 and beyond, will suggest that any upwards momentum is likely to be maintained.  Failure to breach these levels will suggest once again that we are due a period of further sideways consolidation between the upper level as outlined and the 94.50 price point below, suggesting plenty of opportunities for intra day range trading.  The only item of fundamental news on the economic calendar for today for the Japanese Yen was released overnight and this was the Monetary Base which measures the change in the total amount of currency in circulation and current account deposits held with the Bank of Japan – this data came in better than expected at 8.2% against a forecast of 6.7%.

Meanwhile in the US the market waits for the unemployment claims which are expected to come in at -639k, marginally worse than last week but which are possibly showing a slowing and flattening curve.  We also have 2 speeches from Ben Bernanke and finally the results of the bank stress tests.  Banks are expected to confirm how much more money they need to recapitalize and they will then have until November to raise this money, although Treasury Secretary Geithner has already said that none face insolvency which begs the question that this is more a cosmetic exercise.

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