Yen Dollar 11th March - Daily Candle Chart 2009
Yesterday’s doji candle provided little in the way of a signal as the dollar yen pair continue to drift sideways and my advice remains much the same. Until we see a firm move through the 99 dollar region and preferably above the 100 region for more comfort I would suggest a wait and see approach before opening any new, longer term positions. The mood of the chart is beginning to a take a slightly bearish feel with the 9 day moving average starting to turn lower and whilst this is far too early to suggest that this is a definite reversal it is clearly advising signaling to us to take a cautious approach.
On the fundamental news front in the US we have 2 items this afternoon with crude oil inventories and the Federal Budget Balance while in Japan we have the final GDP figures to be released by the cabinet office which measure change in the inflation adjusted value of all goods and services produced by the economy. These tend to have less of an impact than the previous versions of the GDP numbers as these are the last in the series and simply confirm figures previously released and have been absorbed by the market. The forecast is for -3.5% against a previous of -3.3%.
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