 Hello and welcome to the chart of the week video with me at David Madden. Today's date is Wednesday the 13th of February 2019 and the time has just gone 1225 gnt. This week's chart of the week is the dollar yen and if you take a look How the currency pair performed over the past 12 months we could see the broadly speaking is in a fairly decent upward trend At the back end of last year in December We saw a move to the downside for a decent correction granted There was a sharp sell-off in early January and that was on the back of the the flash crash that was seen Across the FX markets. It was coincided with an apple warned about declining sales coming out of China but since then We've seen the market push higher and we this could be a sign that the market is Continuing the wider upward trend that has been in place for over a year So as you can see here in in recent weeks in the last couple of months, basically, we've seen the dollar yen makes a nice Moving direction of a nice upward trend a classic example of a higher high higher low and yet again another higher And we've actually managed to push above and trade above this blue line here The fifth the moving average comes into play at 110 is about 37 Another indication that that moving at the market is is pushing higher if you take a look at the MACD indicator We can see here as the markets been pushing higher. It's been a steady increase in positive momentum So the upward move in the online market is be confirmed by the steady increase in positive momentum And if you take a look at this chart here the dollar yen, we can see that's been pushing higher for the last Four weeks it also coincides with the with the with the broadening strength of the US dollar against the euro The British pound and also the Australian dollar for example, and this is because the Federal Reserve may have Changed their language from being the hawkish side to be being a bit more neutral But we've also seen all the central banks around the world actually moved towards more double stance So even though you could argue that the Fed is a bit more dovish now than there were a few months ago It's just we now have the case where central banks like the Bank of Japan have not become more dovish in the Fed The Bank of England obviously uncertain in relation to Brexit and we've heard some potentially going to dovish comments from the European Central Bank So keep an eye out for central bankers comments if you trade in the dollar yen As you can see the market has been pushing higher for the last number of weeks If we do manage to push on higher from here We could look your target of the the 112 region and a move beyond that could take the mid-December high of One one 13 spot 17 to play and then if you go beyond that you could be looking at targeting the 114 region if you do manage to turn lower We could find support coming to play in around the 110 or 109 spot 55 region And if we do see a break below this area here 108 spot 50 that that region that could be a sign They were heading back down towards the 106 area Now if you are going to be trading the dollar yen, please keep in mind that later today we have US CPI and At 1150 p.m 2350 GMT We do have growth figures preliminary growth figures from Japan So please keep an eye out for that if you are to be trading the dollar yen One last thing if you have any comments to make on this video or any of the other videos We've made here at CMC Marcus. Please feel free to do a review on Google view. Thank you very much