US Dollar Japanese Yen - Daily FX Chart 28th April 2009

US Dollar Japanese Yen - Daily FX Chart 28th April 2009

Tough trading at the moment in the dollar yen but the bearish tone still prevails with all three moving averages pointing lower and yesterday’s narrow spread down bar making it four in a row.   With the gap down at yesterday’s open one might have expected a wider spread bar, particularly as this coincided with a move below the consolidation region created in March around the 96.50 price point but this was not to be and the pair traded in a very narrow range throughout the day.  Trading in this morning’s session is once again marked by a narrow range and a certain lack of direction and with a national holiday in Japan tomorrow and a lack of fundamental news on the economic calendar for Japan volumes have been very thin.   My trading suggestion for today is step aside from this pair until we have some evidence that the downward move is set to continue and this may happen once we have the FOMC rate decision tomorrow in the US.

In the meantime you can keep up to date with all the latest fundamental news, latest currency news and live currency charts by simply following the appropriate links.  In addition I have provided information on an excellent ECN broker.