Yen Dollar - Daily Forex Chart 13th May 2009

Yen Dollar - Daily Forex Chart 13th May 2009

With the dollar yen now approaching the neckline of the head and shoulders pattern of the last two months we can now begin to think about the possibility of short positions in this currency pair should this price region be broken in due course.  Yesterday’s wide spread down bar added weight to the move but it is interesting to note that in this morning’s trading that the low of the day has once again bounced off the neckline making this the sixth time in row that this has happened so patience, on this occasion, is a virtue, and we must wait for the close of today before entering any new positions.

There is a tentative fundamental news announcements on the economic calendar for a speech by the Bank of Japan’s Governor Masaaki Shirakawa who is due to speak at a financial services lecture at the London Stock Exchange this morning and any comments will be closely watched for signals for future bank policy.  All the other items of fundamental news for the US dollar are covered on the 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.