Looking closer at the Yen

Good Morning Dynamic Traders,

A bright start to the day, fingers crossed it stays that way.

Yesterday we got ourselves familiar with the Yen, so now let’s take a closer look!
If you look at the day chart below price seems to be a little confused on what it would like to do.
T first glance for me, it appeared that price was taking a breather during its down trend. This is supported by price climbing towards a Fib breather level and then giving us a hammer. Price did begin to fall, but it found comfort at another Fib breather level.















I have marked the second breather on the day chart above, but it can be seen more clearly on the 4 hour chart below. In the 4 hour chart we can see that price has decided to climb, which is the reason why we have a potential doji on the day chart.













Before we can start to think of entry we need price to decide which way it wants to go. Hopefully during the today and tomorrow price would have figured out which direction it’s heading allowing us to start thinking about taking a trade.

Happy Trading

Richard Monnery