Dollar Yen ( USD/JPY) - 3rd March 2009 Daily Candle Chart
Following yesterday’s doji on the daily chart with a small red body, prices have started to rise again today,and provided we can clear through the resistance in the immediate area, then there is no reason to suppose that we shouldn’t see a move back towards the $100 region and beyond. It is interesting to note that both Friday and Monday’s candles finished the day with an identical low for the day, which reinforces this view. With all three moving averages indicating a move higher, I would suggest small long positions for today, with a stop loss set below the support level at $93.75. As for existing long positions, I would suggest you wait, and then move the stop loss up over the next few days to lock in any profits.
The markets are likely to be volatile in the next few days with interest rates affecting some of the currency pairs in Europe, and with the FED chairman Ben Bernanke speaking this afternoon, along with Pending Home Sales, we could see some volatility for the US dollar later this afternoon. All the items of fundamental news are covered in the latest currency news videos, and the economic calendar gives a breakdown of the forecast and actual numbers as they become available. In addition we also now provide a live news feed, along with live currency charts.
