Yen To Dollar - Daily FX Chart 29th April 2009

Yen To Dollar - Daily FX Chart 29th April 2009

With a national holiday in Japan all the fundamental news on the economic calendar for the dollar yen is in the US where Advance GDP figures have just been released and have come in worse than expected at -6.1% against a forecast of -4.8%, which is in contrast to the Price Index Data which came in better than expected at 2.9% against a forecast of 1.8%.  Later on we have crude oil inventories and the much awaited Fed fund rate which some analysts are suggesting may be cut to 0.125% and with the above GDP figures may make this more likely.  In addition we have the swine flu situation whose effect on all markets is as yet unknown but can only add to investor worries.

Yesterday’s price action was typically restricted due to the impending Japanese national holiday and we have seem much the same effect in this morning trading with prices confined to a narrow trading range and with little indication that they are likely to move until the Japanese markets reopen.  With all three moving averages pointing to a move lower and with strong resistance now above my suggestion in the short term would be to look for selling opportunities once the Japanese market reopens.

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.