USD/JPY - Daily Candle Chart 3rd April 2009

USD/JPY - Daily Candle Chart 3rd April 2009

Just a short post on the yen to dollar pair as the market waits for the NFP data and ISM data due out shortly.  The bullish signal engulfing signal of yesterday would, on any other day, be sufficient to recommend a buy into the market particularly as all three moving averages are pointing higher, and yesterday’s low bounced off the 9 day moving average adding weight to the move.  However, before any further upward move can continue the market has to go through the usual drama of the NFP which I have covered in more detail on my euro dollar and pounds to dollars sites.

Looking forward to next week we should see a break through the psychological 100 level (if not today) and a continuation of the bullish sentiment now seems likely.

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