Yen Dollar - Daily Forex Chart 27th April 2009

Yen Dollar - Daily Forex Chart 27th April 2009

Friday’s candle finally broke below the small interim support platform which had held firm during the week and added a bearish tone overall to the dollar yen pair, closing below all three moving averages and with the 40 day now crossing the 9 day and approaching the 14 day.   Friday’s close also ended deep into the support region created during trading in March, and prices now suggest that we could see a move deeper coupled with possible short term dollar weakness. However as always with the Japanese Yen we need to bear in mind the interventionist policies of the BOJ as it seems unlikely that they will allow the currency to strengthen much beyond 88.50 last seen in February this year.   With no fundamental news items on the economic calendar either for the US dollar or the Japanese Yen until tomorrow my trading suggestion is to look for small short positions intra day in the 15 min and 30 min charts with a very tight stop loss.   The main news items for the week is the FOMC announcement for the US dollar on Wednesday for interest rates, while for Japan there is a tentative BOJ press conference signalled for Thursday.

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