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.

Free Trading Guides
EUR/USD
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
Gold
Bullish
Oil - US Crude
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
Bitcoin
Bearish
More View more
Real Time News
  • #NOK, #AUD and #NZD are expected to be the most-active #G10 FX versus #USD with one-week implied volatility at 7.15, 6.76 and 6.70 respectively [delayed] -BBG
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Silver: 0.64% Gold: 0.34% Oil - US Crude: -0.84% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/YvrO2r6JzE
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.17% 🇨🇭CHF: 0.04% 🇪🇺EUR: -0.03% 🇨🇦CAD: -0.13% 🇦🇺AUD: -0.36% 🇳🇿NZD: -0.37% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/3NzfCsQ13V
  • LIVE NOW! Senior Currency Strategist @IlyaSpivak discusses the technical and fundamental $AUDUSD outlook for the week ahead here - https://www.dailyfx.com/webinars/378612179?CHID=9&QPID=917720&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.90%, while traders in Germany 30 are at opposite extremes with 83.46%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/YAczEQdU5T
  • LIVE IN 30 MIN: Senior Currency Strategist @IlyaSpivak discusses the technical and fundamental $AUDUSD outlook for the week ahead here - https://www.dailyfx.com/webinars/378612179?CHID=9&QPID=917720&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Join @IlyaSpivak 's #webinar at 10:00 PM ET / 3:00 AM GMT to prepare for the week ahead in trading $AUDUSD Register here: https://t.co/sZNWPVRHA0 https://t.co/kYQsHkGUoV
  • Chinese Equities Following Tuesday Open: Shanghai Composite (-0.15%), CSI 300 (-0.25%) -BBG [delayed]
  • Asia Pacific Equities Update - China still closed: Nikkei 225 (-1.08%), KOSPI (-1.12%), ASX 200 (-0.20%), Hang Seng (-0.69%) -BBG [delayed]
  • My majors-based #Yen index is gaining with risk aversion pickup up pace in Asia trade as #Nikkei225 futures drop. Still, #JPY generally has more room to go before the broader technical bis shifts bullish from neutral. I am keeping an eye on Jan & Feb highs as that threshold https://t.co/NTWCrNiekf
Yen Looks Poised to Build on Gains vs US Dollar

Yen Looks Poised to Build on Gains vs US Dollar

2018-05-24 10:07:00
Ilya Spivak, Sr. Currency Strategist
Share:

USD/JPY TRADING Strategy: SHORT at 110.09

  • Yen looks to extend gains after US Dollar uptrend breaks down
  • Price action powered by risk aversion linked to trade war fears
  • Down move marks continuation of decline from December 2016

Find out what other traders’ USD/JPY positions say about the on-coming price trend!

The US Dollar looks likely to suffer deeper losses against the Yen after prices slid below trend support guiding them higher since late March. A look at the four-hour chart reveals prices tellingly retested the broken downside barrier as resistance and held there, bolstering the case for bearish conviction.

US Dollar vs Japanese Yen - 4-hour chart

The perennially anti-risk Japanese unit launched broadly higher amid as trade war fears resurfaced. US President Donald Trump expressed displeasure with bilateral US/China negotiations and later went on to call for a probe of auto imports that seems reminiscent of the run-up to the hike in steel and aluminum tariffs.

Turning to the daily chart, the move is revealed to come after a rejection at falling trend line resistance capping the upside since mid-December 2016. Support lines up in the 107.83-108.83 congestion area, with a break below that targeting a chart inflection point at 106.78

Yen Looks Poised to Build on Gains vs US Dollar

Risk/reward parameters appeared attractive and a short position was activated at 110.09, initially targeting a descent to test support near the 109.00 figure. A stop-loss will be activated if the longer-term falling trend line is breached on a daily closing basis.

FX TRADING RESOURCES

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter

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

DISCLOSURES

News & Analysis at your fingertips.