Yen To Dollar - Daily Candle Chart 16th February 2009

Yen To Dollar - Daily Candle Chart 16th February 2009

Friday’s candle was a wide spread up bar, and as I have just mentioned over on the weekly candle chart, this may be the start of a breakout and rally up to challenge resistance at the $93.50 region and above, provided we see a continuation in prices today. This is complicated by the fact that the US markets are closed today, so I’m afraid we will have to wait until tomorrow before making any short term trading decisions, but with prices now holding above all three moving averages, the signals are suggesting that we may be looking to enter a long position, with the moving averages providing support, and with an initial target for the trade being somewhere around the $93 region.

There is no fundamental news due for release today, due to the public holiday in the US.