Richard Perry
Independent Analyst
Despite the posting of a 6th consecutive bullish candlestick it was hardly one of conviction. It is hard to criticise the bulls on the Dollar/Yen chart but some upside momentum looks to have been lost in the past 24 hours. The question is whether this move is the beginning of something more sustainable. The daily chart shows the momentum indicators have slightly ticked lower but nothing that has driven any big sell-signals yet. Currently the move just looks to be corrective within the uptrend. So far, the previous breakout at 117.00 remains intact as support. I believe that this would be seen by the bulls as a near term buying opportunity. Hourly momentum indicators have unwound with this minor correction and look ready to resume the upside shift.
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