Dollar Yen Daily Candle Chart - 24th February 2009

Dollar Yen Daily Candle Chart - 24th February 2009

More good solid profits yesterday in the dollar yen as we continue to build the rally away from the consolidation area, and through our initial target of $95. Now we are looking for a move higher possibly to the $98 and then the psychological high of $100. With all the moving averages now pointing higher, and providing solid support to the move, you should be holding your long positions, and moving any stop losses higher to lock in profits. I would suggest that somewhere below the $92.70 region is probably about right. If we can break through the resistance ahead, then there is no reason that we cannot see the above price targets achieved in the next few days. The fundamental news is all in the US this afternoon as we wait for Bernanke to speak and I have covered these in more detail on the euro to dollar site for you.

The short term and meadium term outloo are bullish, the long term is sideways.