Yen To Dollar ( USD/JPY) - Daily Candle Chart 2nd February 2009

Yen To Dollar ( USD/JPY) - Daily Candle Chart 2nd February 2009

The candle on Friday has given us no clue to the future direction for the dollar yen, and as I suggested last week, I would recommend you avoid trading this pair until further notice! In some ways the currency pair are forming a pennant or flying wedge, and until we see a sustained breakout from the current trading range, then trying to forecast the next move is almost impossible, so we must wait and see. Remember, patience is a virtue and it does not pay to rush in and take a chance – there will always be another trading opportunity elsewhere, and with a greater chance of success. So please step aside from this one for the time being. I will be updating later with my comments on the monthly and weekly charts which may give us a better idea for the future.

The fundamental news for the US dollar out later today has been updated on the euro to dollar site and details can be found by following the link. There is no significant news due to be released in Japan today.

The short term, medium term, and long term are all sideways.