Yen To Dollar - USD/JPY Daily Chart For Dollars Yen 18th June 2009

Yen To Dollar - USD/JPY Daily Chart For Dollars Yen 18th June 2009

Yesterday’s candle on the dollar yen chart was symptomatic of the current mood for this particular currency pair ending the day with a long legged doji with the opening and closing prices virtually identical.  This followed Tuesday’s wide spread down bar which should have signalled some degree of momentum, given that it broke through all three moving averages.  However, as I outlined in yesterday’s market commentary this was less significant than usual due to the tight bunching of all three moving averages.  This remains an extremely dangerous and volatile pair to trade at present with no clear direction whatsoever (other than sideways) and the daily moves can be both random and unpredictable.  Until we see a sustained break below 94 or a move back above 102 this pair is doomed to thrash around in this range.

Items of fundamental news on the economic calendar for the US Dollar are covered in the main Eurodollar site while for Japan we have to wait until tomorrow when the Monthly Policy Meeting Minutes are published.

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.