We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bearish
Wall Street
Bullish
Gold
Mixed
GBP/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • The Dow Jones could fall based on positioning signals, will the growth-linked Australian Dollar and Canadian Dollar follow? If so, what are the technical barriers ahead? Find out from @ddubrovskyFX here:https://t.co/yJrlR5C00P https://t.co/3yPoDUHnfG
  • #Singapore GDP shrinks most on record as city-state enters a recession #SGD falls, #USD gains #StraitsTimes eyeing support What is the road ahead for $USD/SGD? - https://www.dailyfx.com/forex/market_alert/2020/07/14/US-Dollar-USDSGD-Gain-Singapore-Enters-Recession-on-Record-GDP-Drop.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/HvcLpEh6NG
  • Join @DanielGMoss's #Webinar at 10:00 PM ET/2:00 AM GMT for his weekly coverage of trading prep for $AUDUSD in the week ahead. Register here: https://t.co/wi1qabrtHJ https://t.co/13qB60OlJV
  • Further gains in USD/IDR could be curbed as USD/PHP establishes a floor around 2017 lows. USD/MYR may fall next as USD/SGD fast approaches a key falling trend line.Get your #ASEAN currencies market update from @ddubrovskyFX here:https://t.co/9JgZm2n8Fl https://t.co/KqeCR8z3Du
  • RT @Reuters: U.S. Senate to begin debate on new coronavirus bill next week: McConnell https://t.co/qPKEV0fLa9 https://t.co/O33B0ITYaa
  • If you issued your own bond as a person (let's say 10y) how high do you think your yield would be?
  • Market snapshot: US equity futures up, #AUD, #NZD down.
  • Singapore Dollar cautiously weakens against the US Dollar following disappointing #Singapore GDP data $USDSGD #SGD https://t.co/7mRV62n82s
  • WOW Singapore Q2 GDP -41.2% on QoQ on an annualized basis. Est: -35.9% - BBG
  • This Singaporean GDP reading for the second quarter does not bode well for the 'rest of world' figures due over the next few weeks. I would not be surprised if China simply 'weathered' this global impact with Thursday's release... https://t.co/HiflgPvptk
Pending Long USD/JPY, Using Nikkei 225 as Confirmation

Pending Long USD/JPY, Using Nikkei 225 as Confirmation

2017-03-10 16:00:00
Christopher Vecchio, CFA, Senior Strategist
Share:

Position: Long USD/JPY

Entry #1: 114.95

Entry #2: 115.62

Target: 118.66 (+371-pips on entry #1, +304-pips on entry #2; average +337.5)

Stop: 114.00 (-95-pips maximum; trail below daily 13-EMA)

Reward/Risk Ratio: 337.5/95 = 3.55

Chart 1: USD/JPY Daily Timeframe (November 2016 to March 2017)

Pending Long USD/JPY, Using Nikkei 225 as Confirmation

Chart 2: USD/JPY Daily Time Frame (March 2016 to March 2017)

Pending Long USD/JPY, Using Nikkei 225 as Confirmation

USD/JPY appears to be trying to put in a base above an area that has provided both support and resistance over the past 14-months, between 110.50 and 112.00. This basing has taken the form of a symmetrical triangle, which has started to show signs of breaking out to the topside. The swing levels in triangle to watch are 114.95 and 115.62. Closes through these levels will increase confidence in a return back to the yearly highs set near 118.66. Risk is easy to define using the daily 13-EMA, which price has tested but not closed below since February 28. Currently, the daily 13-EMA is 114.00, where stops can be trailed to.

One way to increase confidence in the long USD/JPY position would be to look towards confirmation in the main Japanese stock index, the Nikkei 225. Historically, the Nikkei 225 performs best when the Japanese Yen is weakening. The ascending triangle in place in the Nikkei 225 can be used as a litmus test to confirm that USD/JPY will be moving higher. A break above 19676 would increase our confidence in a USD/JPY breakout back towards 118.66. (See Currency Strategist Michael Boutros’ indepth look at the Nikkei 225.)

Chart 3: Nikkei 225 Daily Timeframe (November 2016 to March 2017)

Pending Long USD/JPY, Using Nikkei 225 as Confirmation

Chart 4: Nikkei 225 Daily Timeframe (April 2016 to March 2017)

Pending Long USD/JPY, Using Nikkei 225 as Confirmation

Read more: February US NFPs Surge, but US Dollar Walks Away Disappointed

--- Written by Christopher Vecchio, Senior Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

To be added to Christopher's e-mail distribution list, please fill out this form

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.