Currency Trading Majors Pairs
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USD/JPY − Daily Chart
Thu, Jul 2 2009, 12:27 GMT
by Anna Coulling
Master The Markets

Yesterday's candle on the yen to dollar daily chart merely confirmed
what we already know, namely that it is impossible to predict the
direction for the pair at this stage. The candle indicated a day of
indecision with an upper wick, a narrow body which closed marginally
above all three moving average. However, these technical indicators
have virtually lost all meaning in the current chart given that they
are either crossing or bunching almost at random as a result of the
sideways consolidation. The trend, if it can be called that, still
remains mildly bearish from the high of March as the pair continue to
slide ever lower towards the 94 price level which has now become a
defining area of support in the current move. Whilst we have the NFP
release in the US later today, given the Japanese Yen's status a safe
haven currency, the impact may be somewhat muted when compared to the
volatility exhibited in the other majors, so this may not be a defining
day for the dollar yen.
Published on
Thu, Jul 2 2009, 12:28 GMT
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