USD/JPY - Daily Candle Chart 18th March 2009

USD/JPY - Daily Candle Chart 18th March 2009

Remaining a very difficult pair to call as tension continues between the yen to dollar.  up bar of yesterday, whilst closing above the 9 and 14 day moving averages, did little to provide anything in the way of a signal and as I have said several times before we still need to wait for a firm move one way or another.  The long legged doji of Thursday last week would suggest a move higher but we need to wait for this to be confirmed and until we see a breakout above 100 then personally I do not intend to trade this pair.

The main fundamental news today is in the US starting with core CPI which is followed by the EIA oil stats (or inventory totals) and rounded off by the FOMC Fed Fund rate statement which probably means we will have a relatively quiet trading session for the dollar until these announcements kick in.

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