Dollar Yen Daily Chart - 3rd February 2009

Dollar Yen Daily Chart - 3rd February 2009

There is very little I can say about the dollar yen pair, that I haven’t already said before ( several times!) Please stay out of this pair for the time being, and certainly until we see any form of breakout to the upside or downside of the current range. Yesterday was another doji candle of indecision and further sideways movement in an ever tightening range, and I expect to to see this pennant pattern broken significantly and violently at some point soon. When this happens then we should expect to see one of these support/resistance levels breached and a price move to follow. So please wait and be patient!

The only fundamental news out today for the yen dollar pair is in the US with the release of Pending Home Sales – please just follow the link here for further details on the euro to dollar site. Band of Japan Governor Shirakawa is speaking today, but this is unlikely to have any major impact on the Japanese Yen.