What’s the Yen doing?

Morning Dynamic Traders

This morning the Yen is showing signs of price strengthening. Why is this?

Yesterday the Yen dropped in price and it closed not far from where it opened, but it did move around lot, which can be seen very clearly on the hour chart below. While price was slowly dropping on Wednesday you will see slight convergence from the MACD. This convergence was indicating to us that price was going to be changing soon, and the Stochastics gave us a buy signal which indicated the beginning of price moving towards the up.













Price is still hovering around the same support line on the day chart, which you can see below and it looks like it is trying to make an attempt at breaking through the Value Index. So far it’s looking good, but does price have power to beat the Value Index?

Tomorrow I look forward to seeing what happens and if price has the power to continue the climb.

Happy Trading

Richard Monnery