USD JPY - Yen Dollar Daily Candle Chart 27th March 2009

USD JPY - Yen Dollar Daily Candle Chart 27th March 2009

Well done if you managed to take some pips in yesterday’s up candle which once again closed the session at the strong resistance level of 98.74 which is proving to be a major barrier to any move higher despite all three moving averages suggesting a move higher is possible.  Once again this morning in early trading we have seen prices retrace from this region and despite yesterday’s success trading the dollar yen is becoming a bit of lottery at the moment as we wait for Japan to settle their accounts for the fiscal year end book closing on 31st March.  For those of you either using or are interested in Fibonacci and the stochastic indicator, analysts have been suggesting that the dollar yen pair has pushed over the Fibonacci and resistance line at JPY98.24/30, supported by a bull-cross in the stochastic study, 10-day momentum and now 5 & 21 daily moving averages.

From a weekly perspective the chart is beginning to look bearish with a tweezer top having formed in the last two weeks.  However, given the above and next week’s ocean of fundamental news on the economic calendar all topped off with the G20 meeting in London it may be more prudent to step aside for today.

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