Yen Dollar ( USD/JPY) - Daily Candle Chart 19th March 2009

Yen Dollar ( USD/JPY) - Daily Candle Chart 19th March 2009

Yesterday’s wide spread bearish engulfing down bar has given us a clear signal for our trading direction for the next few days and this momentum has carried through into this morning’s session, despite the fact that is a national holiday in Japan today.  For a sustained move lower we now need to see the 40 day moving average broken and if so, we could see a test of support at the 93.25 region with a possible move lower, if this is breached.   Suggested trades for today are short positions selling on any up bars in the hourly chart with a view to adding to any short should prices fall below 94.75.  Stop loss should be set well above 97.  Finally on the economic calendar today there is no news in Japan and the main economic news is in the US with the release of the unemployment claims and I have covered this in more detail in the euro to dollar site.  You can find all the latest currency news, live news and fundamental news by following the links, and for the latest live currency charts these are now also available. Finally if you are looking for help in finding an ECN broker I have provided details here.