Home » Yen To Dollar Daily Chart » Yen To Dollar – Daily Forex Chart 1st May 2009

Yen To Dollar – Daily Forex Chart 1st May 2009

USD vs JPY - Daily FX Spot Market Chart 1st May 2009

USD vs JPY - Daily FX Spot Market Chart 1st May 2009

Yesterday’s wide spread up bar which ploughed through all three moving averages now forces us to consider once again the feasibility of the dollar yen pair toying with the psychologically important 100 price point, but in all probability we are likely to see a period of consolidation and sideways movement between 99 and 95 for some time, and this is merely the start of the continuing struggle at this level.  Today’s markets, which are characterized by very low volume and erratic price movements, due to the May Day Holiday, are sluggish in the extreme and likely to stay that way until Tuesday at the earliest.

Fundamental news on the economic calendar for the Japanese came in overnight with a number of releases of which the most important were household spending, Tokyo Core CPI and Average Cash Earnings.  Of these both the Tokyo data and Average Cash Earnings came in worse than expected while Household Spending was significantly better than expected.   Meanwhile in the US there are a series of news items this afternoon of which the most important is the ISM manufacturing data which came in better than expected at 40.1 against a forecast of 38.4 suggesting that manufacturing is beginning to the light at the end of the tunnel with number which have been steadily improving for the last 3 months.   My trading suggestion is to stand aside until we see some liquidity injected back into the market. We may have to wait even longer as Japan is closed for much of next week as it celebrates its golden weeks holidays.

In the meantime you can keep up to date with all the latest fundamental news, latest currency news and live currency charts by simply clicking the links.  I have also provided details of an excellent and innovative ECN broker.