Yen To Dollar - USD vs JPY Daily Chart 3rd June 2009

Yen To Dollar - USD vs JPY Daily Chart 3rd June 2009

There is very little that I can add, to my analysis from yesterday in the daily commentary for the yen to dollar pair, and my advice therefore remains the same – stay out of this pair until further notice! Once again the market reversed, closing the day on a down bar, and adding further to the whipsaw price action of the last few days, which continues to consolidate around the $95 to $96 price level, hovering just below the neckline of the head and shoulders pattern of the last few months. With the BOJ waiting in the wings, and confusing signals on the daily chart, now is not the time to guess, and my advice remains the same – stay on the sidelines until we see some clear signals either in the daily or the weekly. Looking ahead there is little in the way of fundamental news on the economic calendar for the Japanese Yen for the remainder of the week, with only the Capital Spending data due for release early tomorrow morning, so it seems that we will probably have to wait until next week before we are likely to see any clear trading signals for this currency pair.

You can keep up to date with all the latest fundamental news on the economic calendar, latest currency news and live currency charts by simply following the links.  I have also included details on an excellent ECN broker.