Yen Dollar - 17th April Daily Currency Chart

Yen Dollar - 17th April Daily Currency Chart

The dollar yen continues to grind away marginally below the 100 price point, and yesterday’s candle was almost identical to that of Wednesday, both of which had long lower wicks bouncing off the 40 day moving average, and suggesting a move higher in due course.  The 9 day and 14 day moving averages are still pressing down on any move up and until prices punch through these technical indicators we will need to wait a while longer before entering any further long positions.   The price action in this morning’s session has been remarkably desultory and has a familar feel with prices oscillating in a very narrow range.  With no fundamental news items on the economic calendar pertinent to Japan the market is looking to the US where we are waiting the University of Michigan Indices for Consumer Sentiment and Inflation, followed by a speech from Fed Chairman Ben Bernanke.  Further details of these can be found on the eurodollar site.   In view of the exceptionally narrow trading range and lacklustre price action my trading for the dollar yen is to stand aside until we have a clearer picture on a break above the 100 price level.

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