Yen Dollar - Daily Candle Chart 12th March 2009

Yen Dollar - Daily Candle Chart 12th March 2009

Yesterday’s widespread down bar confirmed the bearish mood that I mentioned earlier, a trend that has continued in this morning’s trading with prices now well below both the 9 and 14 day moving averages.    The approach for today is to wait and see.  Should the bearish tone continue then we could see a move down as low as 93.50 but for any bullish trend to be confirmed we would need to see a confirmed break above the previous resistance at 99.  We may see some reaction when Wall Street opens later today and whether equities manage to hold onto yesterday’s gains, although this seems unlikely given that Asian stocks were lower overnight.

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