 Hello, welcome to this week's CMC Markets Currency Snapshot with myself, Jasper Lawler. We're going to be looking at Dolly Yen, basically in light of the Federal Reserve meeting and the meeting with the Bank of Japan. We want to look at whether Price has any chance of bouncing out of this range trade that we've been in for a number of months now. Now, as you can see from this chart, we're about to explore a bit more detail in a minute. Dolly Yen has been in a sideways range for a number of months now, in a particularly tight range since the end of August. So what we want to explore is whether it can actually break out in which direction that's likely to be. One fact was the Bank of Japan. They actually didn't ease policy at their last meeting, but there's still a bit of expectation that maybe they will in the months ahead, just because the quantitative easing program that they have in place at the moment doesn't quite seem to be doing the job. Inflation is still very low in Japan. The bigger factor, though, that's changed, especially in the last week or so, is that the Federal Reserve still looked pretty determined to raise interest rates in December, even though a lot of economic data in the US has started to deteriorate. So that real determination from the Fed is pushing the Dolly Yen up to the top of part of this range. And so what we're now looking at next on the chart is what levels we need to work out as to when that factor really starts playing into it. So when the price has been going sideways as long as Dolly Yen has been, it actually often pays to zoom out from the lower timeframes that you would perhaps typically look at when trading. In this case, we're looking at a weekly candlestick chart. And you can actually see now why the 118 to 122 area has been quite influential recently in defining this short-term trading range in Dolly Yen. It's because of these November 2014 and March 2015 peaks have now capped the price action in the last few months, equally the April lows have capped the lows of this price range around 118. So what we really need to see is a weekly close above the 122 level to define an upper side breakout, a move below 118 to justify a downside breakout targeting the wider parts of that price range that you can see in the chart here. Yes, as things currently stand, look towards an upside break, if there is some resistance from that rising trend line, what leads me to think that perhaps the bias is to the upside if you look down at the RSI, you can see that we've moved back above that 50 level on the weekly RSI, bounced and successfully tested it, we're moving higher, suggesting a more bullish bias. So that does suggest that actually we could push into that 125 level, that peak from the start of the year. So that's it for this week's currency snapshot. We're looking at Dolly Yen. Really at the moment we're focusing on 122, the top of this price range from the past few months, we want to close above there ideally for the week, but even just for the day to start eyeing a breakout to the top side and the top of this range and the multi year highs at 125 on Dolly Yen.