US Dollar vs Japanese Yen - USD/JPY Chart 4th August 2009

US Dollar vs Japanese Yen - USD/JPY Chart 4th August 2009

The yen to dollar currency pair continues to trade in its own idiosyncratic and tiresome fashion which almost beggars belief and provides few trading opportunities other than a strategy based on simply flipping a coin!  The only thing one can say at present is that the strong resistance in the 95 plus region seems to be holding firm and despite several attempts the pair have failed to penetrate this to any great extent.  The weekly chart is perhaps more illuminating in that the current sideways movement is less well defined and demonstrates a tendency towards the bear side with all three moving averages pressing down.  Should this result in a break lower then we may see a re-test of the 89 price point last seen in early 2009 which could then trigger a bounce back.  In the meantime this pair may be one to avoid until there is more clarity on the yen to dollar chart.  With no fundamental news on the economic calendar for Japan and only pending home sales data in the US the best we can hope for this pair is further drift until the NFP numbers injects some much needed life in the chart.

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