 Good morning and welcome to the Church of the Week video with me, David Madden. Today's date is Thursday the 5th of March 2020 and the time has just gone 10.07 GMT. And this week's Church of the Week is the US dollar versus the Japanese yen, the dollar yen. It's quite an interesting move in the last few weeks. So the big picture has been that dollar yen was enjoying a nice push to the upside between August and the middle of February. And then when the coronavirus crisis really took hold in Europe, the fear was this is going to be a global crisis, a pandemic. And then we saw a sharp move to the downside in dollar yen for two reasons. There was belief very quickly that the Federal Reserve were going to lower interest rates, which they did unexpectedly this week. But on top of that, the other side of the coin is that the Japanese yen is often deemed as a safe haven currency. So which means that if there's ever uncertainty in the financial markets, particularly stocks and shares, people tend to pour money into assets that are deemed lower risk such as the Japanese yen. So the dollar yen really sold off aggressively very, very quickly. We can see here that yesterday we fell to a level, we were hitting multi-month lows yesterday. Yesterday we fell to a level last seen in early October. There's a steady move to the downside. There's a steady increase in negative momentum. So the downward move has been confirmed by a steady increase in negative momentum. It seems to me that the bears are in control for the time being. If you do press on lower from here, we could be looking at targeting this zone here down around 106 spot 48. And if you go below that, we could be looking at targeting potentially the 106 area. And if you go below that, we could be looking at heading down towards this zone here down around 104 spot 63. There thereabouts. So these are potential areas of support should this kind of the recent bearish trend continue. On the flip side, if you do see a bit of a bounce back, we could encounter resistance in around this area here. This line, it comes into play at this particular line in at 108 spot 3. And we can see that that area was looking at the lows of late January on top of that. That line also broadly speaking kind of isn't too far away from the 200 a movie average, which is often seen as a decent kind of bench, you know, big benchmark or gauge. The markets below the tour, the average, it seemed to be weak. If it's above it, it seemed to be strong. So the fact that those two important metrics overlap could make this zone a fairly significant area. If you do get back above that, this area here, we could that could put us on path further up further against. And resistance might come into play at this blue line here at the fifth of the movie average. We can see that active as both, you know, resistance support and resistance on a few occasions in the last few weeks. So the metric has been important in the past. It makes it more likely it'll be important in the future, although there are no guarantees on that level comes into play. The fifth of the movie average in at 109 spot 43. Now, if you are going to be trading in the dollar yen or any of the dollar crosses, it's worth your while keeping an eye on what's going on on the end across the board. So if you take a look here, put together a quick watch list, dollar yen, apologies, sterling yen, euro yen, CAD yen, Aussie yen, you know, they're all lower. So it's quite clear that the Japanese yen is quite strong. If you take a quick look at sterling yen, we can see at the movement sterling yen has been not too dissimilar to the moves you've seen on dollar yen, whereby we've had an aggressive sell-off. We're back above it's to the movie average, but if you do manage to break lower here and we take off the recent lows, there could be a sign that we're in for further losses on sterling yen, which could put, which could see the sterling yen increases losses. And on this one, I'm talking about the sterling yen chart and yen crosses in general. It's because one of the tenets of Dow theory is that the averages must confirm each other. So what that essentially means is that if markets that are fairly similar or fairly correlated, if they're all moving in the same direction at the same time, you can be more confident that that move is going to continue. So if you're seeing sterling yen under pressure, you can be more confident that that move is going to continue. If you're seeing Euro yen, CAD yen, Aussie yen, and sterling yen all moving lower too. Now, before we go, if you are commutating dollar yen, it is worth noting today at 1330, we have the U.S. Jobless Claims at 1500 GMT, we have the U.S. Factory Orders, and tomorrow we have the all-important U.S. non-farm payroll support, which reminds me we're actually hosting a live webinar event tomorrow. A 1315 GMT, the figures will be released at 1330 GMT. So we are likely to see a lot of volatility in the financial markets and particularly the dollar yen currency cross. Thank you for listening. Have a good trading week and good luck.