Yen To Dollar - Daily Candle Chart 5th June 2009

Yen To Dollar - Daily Candle Chart 5th June 2009

There is only one word ( well several actually but not ones I would use here!) to describe the yen to dollar currency pair at the moment, and that is YUK! My advice remains the same as for the last few weeks and that is to STAY OUT, until we have some clear signals. The only point of interest from the daily chart is that the 40 day moving average seems to be providing a barrier to may move higher during the day, but with all three converging this is hardly a meaningful conclusion. Until we see a clear break from the $94 to $100 trading range, then it is impossible to forecast anything with any degree of confidence, and with the Bank of Japan standing in the wings, anything is possible! All the markets are now waiting for the Non Farm Payroll numbers which may provide this currency pair with a much needed shot in the arm in order to revive the corpse.

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