News & Analysis at your fingertips.

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
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
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
Gold
Bearish
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
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.12% 🇪🇺EUR: 0.11% 🇨🇭CHF: 0.04% 🇨🇦CAD: -0.01% 🇦🇺AUD: -0.03% 🇯🇵JPY: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/qLDliTM9NV
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 93.94%, while traders in EUR/USD are at opposite extremes with 75.28%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/DZj92MD3hm
  • The New Zealand Dollar looks poised to extend its push higher against its haven-associated counterparts on robust economic data and a less dovish stance from the RBNZ. Get your $NZD market update from @DanielGMoss here:https://t.co/vytr4OR1Jy https://t.co/qWGrrAmsYN
  • New Zealand new home lending increases 6.3% MoM to a record NZ$7.78B - BBG $NZDUSD
  • If you missed today's session on IGCS where I discussed #DowJones, #SP500, #CrudeOil, $GBPUSD and #Gold prices, check out the recording on YouTube here - https://t.co/smORERZuGX
  • Wall Street Futures Update: Dow Jones (+0.437%) S&P 500 (+0.468%) Nasdaq 100 (+0.706%) [delayed] -BBG
  • #Copper extending gains to highest since 2014 in London -BBG
  • Hang Seng Index (HSI) has likely broken a key resistance level of 26,840, propelled by financial stocks: - HSBC (+5.28%) - Standard Chartered (+3.59%) - Ping An Insurance (+2.45%) https://t.co/XBv5In1NJ5
  • Japanese PM Suga says Japan doing everything it can to protect jobs - BBG
  • The Swiss Franc may continue higher against the US Dollar as technical pressure favors USD/CHF bears..Get your $USDCHF market update from @FxWestwater here:https://t.co/yqJbbhAWiu https://t.co/wMZn4SDCp8
Bearish EUR/JPY With Deeper Breakdown Potential

Bearish EUR/JPY With Deeper Breakdown Potential

2018-03-12 16:15:00
James Stanley, Strategist
Share:

- For trading ideas, please check out our Trading Guides. And if you’re looking for something more interactive in nature, please check out our DailyFX Live webinars.

To receive James Stanley’s Analysis directly via email, please sign up here.

We’ve been following this pair over the past month as the prior bullish up-trend has broken down. Signs of turbulence began to show in early-February, just after the pair had perched up to a fresh two-year high of 137.50. This led to a quick move down to a key zone of prior support, with the price of 132.05 helping to elicit buyers. Through February, each drive into support penetrated a bit deeper until, eventually, prices slipped down to fresh five-month lows. In March, we saw a bit of support develop around the 130.00 psychological level, and price action has since bounced back to find resistance in that prior zone of support.

Short-side setups can investigate stops above the February 27th swing-high of 131.20, allowing for a stop of less than 90 pips with an initial target of ~130 pips; making for a better than one-to-1.44 risk reward ratio down to the initial target. Stops can be adjusted down to break-even at that first target, with a secondary target cast towards 128.50.

EUR/JPY Price Chart: Daily Time-Frame, Resistance at Prior Support

eurjpy price chart daily time frame

Chart prepared by James Stanley

Forex Trading Resources

DailyFX offers a plethora of tools, indicators and resources to help traders. For those looking for trading ideas, our IG Client Sentiment shows the positioning of retail traders with actual live trades and positions. Our trading guides bring our DailyFX Quarterly Forecasts and our Top Trading Opportunities; and our real-time news feed has intra-day interactions from the DailyFX team. And if you’re looking for real-time analysis, our DailyFX Webinars offer numerous sessions each week in which you can see how and why we’re looking at what we’re looking at.

If you’re looking for educational information, our New to FX guide is there to help new(er) traders while our Traits of Successful Traders research is built to help sharpen the skill set by focusing on risk and trade management.

--- Written by James Stanley, Strategist for DailyFX.com

To receive James Stanley’s analysis directly via email, please SIGN UP HERE

Contact and follow James on Twitter: @JStanleyFX

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

DISCLOSURES