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
Mixed
Oil - US Crude
Bearish
Wall Street
Bearish
Gold
Bullish
GBP/USD
Mixed
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
  • While this would normally be seen as a GBP-positive, Sterling remains in the thrall of ongoing#Brexit talks and will not make a move either way until there is more clarity about future EU/UK trade. Get your $GBPUSD market update from @nickcawley1 here: https://t.co/Shfzh6dcCg https://t.co/Yqy9eNrJuq
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.44% US 500: -0.31% France 40: -0.33% FTSE 100: -0.40% Wall Street: -0.64% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/YF3H09JoRC
  • Heads Up:🇬🇧 BoE Tenreyro Speech due at 14:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-11-30
  • 🇮🇱 Interest Rate Decision Actual: 0.1% Expected: 0.1% Previous: 0.1% https://www.dailyfx.com/economic-calendar#2020-11-30
  • Heads Up:🇮🇱 Interest Rate Decision due at 14:00 GMT (15min) Expected: 0.1% Previous: 0.1% https://www.dailyfx.com/economic-calendar#2020-11-30
  • 🇨🇦 Building Permits MoM (OCT) Actual: -14.6% Expected: -5% Previous: 17% https://www.dailyfx.com/economic-calendar#2020-11-30
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 94.01%, while traders in EUR/USD are at opposite extremes with 74.79%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/QdVTdhwsIg
  • LIVE NOW: Join Technical Strategist @MBForex for his Weekly Strategy Webinar to review the setups we're tracking into the December open - https://t.co/chKtG7waxH
  • RT @Peston: My UK government sources (multiple) say they can see a political solution to the impasse in EU free trade talks that relates to…
  • Forex Update: As of 13:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.29% 🇳🇿NZD: 0.15% 🇬🇧GBP: 0.15% 🇨🇭CHF: -0.03% 🇯🇵JPY: -0.07% 🇦🇺AUD: -0.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/vmeCZZ7laY
USDJPY Price Well Placed to Extend its Gains Near-Term

USDJPY Price Well Placed to Extend its Gains Near-Term

2018-09-25 14:45:00
Martin Essex, MSTA, Analyst
Share:

USDJPY price, charts and analysis:

  • USDJPY has been climbing rapidly for more than two weeks and looks likely to advance further.
  • After strengthening for five successive sessions, a steep trend higher is now firmly in place.

Check out the IG Client Sentiment data to help you trade profitably.

USDJPY chart positive

The USDJPY price has been strengthening for more than a month now and its advance has been gathering strength recently, suggesting there could be further gains on the way near-term. As the daily USDJPY chart below shows, there is now little resistance until the July 19 high at 113.18 is reached, and, if that is breached, there is little to stop it from reaching trendline resistance, currently at 113.48.

If that too can be overcome, then the next target would be the 2017 high at 114.74.

USDJPY Price Chart, Daily Timeframe (April 1 – September 25, 2018)

Latest USDJPY daily price chart.

Chart by IG

Meanwhile, there is now strong support to the downside. First up is trendline support at 112.36, followed by a series of moving averages and further trendlines. Moreover, despite its recent gains, the pair is not yet overbought, with the 14-day relative strength index still below 70.

The uptrend can be seen even more clearly on the one-hour chart below, which shows little sign of an imminent change of course.

USDJPY Price Chart, One-Hour Timeframe (September 18-25, 2018)

Latest USDJPY hourly price chart.

Chart by IG

Fundamentally too, the signs are positive, with Bank of Japan Governor Haruhiko Kuroda warning Tuesday that Japanese inflation remains well below the central bank’s target, reinforcing its commitment to keep interest rates low for an extended period.

Resources to help you trade the forex markets

Whether you are a new or an experienced trader, at DailyFX we have many resources to help you:

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

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

DISCLOSURES