Yen To Dollar - Daily Candle Chart 12th February 2009

Yen To Dollar - Daily Candle Chart 12th February 2009

Following the dark cloud over candle, which gave us the first signal for a bearish move in the yen to dollar pair, the down move continued yesterday but with less conviction than the previous day, and indeed prices closed just above the 9 day moving average in a small doji cross. For the move to continue we need to see a concerted move through the moving averages, and my suggestion for today is small short positions with a stop loss above the $92 region. I would also suggest that you lock in profits as the day continues by moving your stop loss down, in case of any reaction following the doji candlestick.

The main fundamental news out today is in the US, where we have Core Retail Sales, Retail Sales, and the Unemployment numbers later in the day. More details can be found on the euro to dollar site.

The short term outlook is bearish, the medium to long term is sideways.