Archive for candle chart usd/jpy

Yen To Dollar – Daily Chart 8th April 2009

Wednesday, April 8th, 2009
Yen Dollar Daily Chart - 8th April 2009

Yen Dollar Daily Chart - 8th April 2009

Mmm! Yesterday’s candle neither confirmed nor denied the gapped up shooting star of Monday which we saw as a possible early warning that the market may have temporarily run out of steam before moving higher, with the bar finishing marginally higher and with a long, lower wick.  This morning’s price action has seen a fall in the dollar yen but significantly the low of the day, so far, has bounced off the 9 day moving average and the strong resistance level below suggesting that this may only be a temporary short term reversal, and possibly providing us with some excellent buying opportunities for a continuation of the bullish move higher.  To identify these opportunities I would suggest looking in the shorter time frame charts such as the 15 or 30 min and buying above 99.80 and adding to positions should prices rise above the psychological 100 later today with a longer term view of a target around 102 eventually moving towards 105.  With all three moving averages pointing to a move higher there is no indication as yet that the bearish signal will be confirmed and as things stand at present it seems likely that this will be ignored as we see a move higher next week.

The fundamental news on the economic calendar relating to yen dollar saw the current account number for the Japanese Yen significantly exceed the forecast of 0.51 trillion, coming in at 0.67 trillion adding to the decline which has continued since mid 2007.  The Economy Watchers’ Sentiment also came in better than expected at 28.4 against a forecast of 20.9.  As with other similar diffusion indices any figure above 50 indicates optimism and below 50 suggests pessimism and the trend here is seen as slowly improving from a low in January 2009 of 15.9.  The remaining US news is covered in my eurodollar site.

You can keep up to date with all the latest fundamental news, latest currency news and live currency charts by simply following the links, and if you are looking for a good ECN broker again just click the appropriate link.  Remember also that many markets are closed at the end of this week for various national holidays.

Yen to Dollar – Daily Chart 6th April 2009

Monday, April 6th, 2009
Yen USD - Daily Candle Chart 6th April 2009

Yen USD - Daily Candle Chart 6th April 2009

As I had been suggesting all week we have finally had the decisive breakout that we have been waiting for on dollar yen pair with Friday’s close finishing above the psychological 100 mark, with all three moving averages now pointing to a move higher.  This price action has continued in today’s early trading with prices opening gapped up with what the Japanese chartists refer to as a “rising window” (this is very unusual in the currency markets).  The consolidation period of the last 4 weeks now provides an excellent platform for a move higher to the next major area of resistance which is seen just above 105 price level.

There is very little in the way of fundamental news on the economic calendar relating to the dollar or the yen for today but there are several important items for the Japanese Yen tomorrow, not least of which is a tentative press conference from the Bank of Japan followed on Wednesday by the BOJ monthly report.

My trading suggestion for today is to continue to look for small long positions, timing your entries and exits by using the hourly charts and taking any profits as soon as possible.

You can keep up to date with all the latest fundamental news, latest currency news and live currency charts by simply following the appropriate links.  Details on an excellent ECN broker are also included.

Yen Dollar – Daily Chart 3rd April 2009

Friday, April 3rd, 2009
USD/JPY - Daily Candle Chart 3rd April 2009

USD/JPY - Daily Candle Chart 3rd April 2009

Just a short post on the yen to dollar pair as the market waits for the NFP data and ISM data due out shortly.  The bullish signal engulfing signal of yesterday would, on any other day, be sufficient to recommend a buy into the market particularly as all three moving averages are pointing higher, and yesterday’s low bounced off the 9 day moving average adding weight to the move.  However, before any further upward move can continue the market has to go through the usual drama of the NFP which I have covered in more detail on my euro dollar and pounds to dollars sites.

Looking forward to next week we should see a break through the psychological 100 level (if not today) and a continuation of the bullish sentiment now seems likely.

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

Yen To Dollar – Daily Candle Chart 2nd April 2009

Thursday, April 2nd, 2009
Yen Dollar - Daily Candle Chart 2nd April 2009

Yen Dollar - Daily Candle Chart 2nd April 2009

Following Tuesday’s wide spread up bar which signalled the long awaited break out from the sideways trading of the last few weeks, and providing us with a bullish signal, yesterday’s candle came as bit of surprise, finishing the day as a bearish harami (Japanese for pregnant) candle.  As I suggested in yesterday’s commentary we should now see a bull move in the medium term and this has now been confirmed in early trading this morning which could see a break above 100 as the day unfolds, and if so then this will negate the harami signal of yesterday. The harami is one of the less reliable charting signals, and in an upward move is often a seen as confirmation of a continuation in the trend, so whilst we need to pay attention, it is certainly not a stron signal by itself.  With all the moving averages now pointing to a move higher my suggestion for trading is the same as for yesterday and to look for long positions and use the shorter time frames for your entry and exit points.  Any stop loss position should be below the 95.60 region or below.

With all the fundamental news on the economic calendar relating to the yen to dollar pair restricted to the US we still could see volatility enter as a result of the G20 summit as markets await the final communique.

Don’t forget you can keep up to date with all the latest currency news, fundamental news and live currency charts by simply following the appropriate links.  Details are also provided on a good ECN broker.

Yen To Dollar – Daily Candle Chart 1st April 2009

Wednesday, April 1st, 2009
Yen vs Dollar - 1st April 2009 Candlestick Chart

Yen vs Dollar - 1st April 2009 Candlestick Chart

With Japan’s fiscal year end now firmly out of the way, the Tankan survey the worst on record and yesterday’s bullish engulfing signal, coupled with the BOJ’s determination to have a weak Yen, we should now see a breakout to the upside through the resistance at $99 and above.   Last night’s close finished above this region and with all three moving averages now providing additional support you should be looking for buying opportunities in the dollar to yen in the next few days with an initial target of 102.50 and if this is broken we could see a move to re test resistance at the 104.50 region and above.  This morning’s price action has provided some excellent buying opportunities with an initial small fall followed by a reversal.  I would suggest placing any stop loss in the 96.75 region or below.

With regard to the fundamental news on the economic calendar the only release due for today in Japan is the Monetary Base released by the BOJ which represents the change in the total amount of Japanese Yen in circulation and includes current account deposits held at the BOJ.  The forecast is for 6.8% against a previous of 6.4% with the data being positively correlated with interest rates.  The main fundamental news for today in the US with 4 key announcements which I have covered in more detailed on the euro to dollar site.

In the meantime you can keep up to date with all the latest currency news, live currency charts and fundamental news simply by clicking on the appropriate links.  You can also find details of an excellent ECN broker, or fx broker by clicking on the link.