Yen vs Dollar - Daily Forex Chart 23rd April 2009

Yen vs Dollar - Daily Forex Chart 23rd April 2009

The dollar yen pair continues to trade in a relatively narrow range consolidating neatly in yet more sideways movements, closing the day marginally lower and once again below all three moving averages.  The low of the day added to this rebasing movement which now seems to be forming a platform around 97.80, a picture that has been replicated once again in this morning’s trading session.  There is little more one could say that has not already been said before, and until we see a move back above 100 with support from the moving averages or a break below 97 this this will continue in this desultory manner.    The only news items of fundamental news on the economic calendar for this pair are a speech by the Bank of Japan Governor Shirakawa at the Japan Society in New York and later in the day the unemployment claim figures from the Department of Labor and existing home sales both of which may inject some life into the dollar yen.  Both sets of data is expected to come in worse than last time which may prompt a degree of risk aversion to enter the markets which in turn may benefit the Japanese Yen.  My trading suggestion for this pair is to wait until the release of these items of fundamental news to see if they manage to give us a sense of direction.

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