Dollar Yen - Daily Currency Trading 16th April 2009

Dollar Yen - Daily Currency Trading 16th April 2009

Yesterday’s candle which closed up on the day and with a long lower shadow, provided evidence that we could be about to see the long await break to the upside following its bounce off the 40 day moving average and failure to breach the support area immediately below which is now providing solid support to the move higher.  Indeed in this morning’s price action we have seen a similar picture emerge, and despite the fact that prices are still sitting marginally below the 9 and 14 day moving averages, I fully expect to see the platform created provide the base for an initial move back to 100 followed by a test of the 102 region as our initial target.  With the current pattern, I would expect to see some further sideways action in the short term before we can expect any breakout to occur, and I would look for any dips to provide buying opportunities for the medium term.

There is no fundamental news relating to the Japanese Yen but fundamental news items pertinent to the US dollar can be found on my euro to dollar site.   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.