Yen Dollar - Daily Candle Chart 17th March 2009

Yen Dollar - Daily Candle Chart 17th March 2009

Yesterday’s candle provided little evidence of any firm direction closing with a tiny doji between the 9 and 14 day moving averages.  This morning price action shows the yen to dollar pair flirting with the pivotal 99 level.  Today’s data from the US regarding building permits and housing starts along with PPI and core PPI data may give this pair some firm direction.  At the moment Yen action has been more evident in the various crosses rather than in the major pairs but this may soon change as prices here approached significant levels.   My suggestion for today is actually to stay out until we have a clearer picture of what is happening in this pair.

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