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
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/WQLZ1X7gIY
  • but the next major point in my view to monitor will be 52.76 - at least in the short term.
  • #Brent having broken above the pre-OPEC drop off at 45.51 is a huge deal considering it failed to crack resistance there in August (leading to the invalidation of "uptrend 2") and the psychological significance of that level https://t.co/LkEyRxFhnq
  • 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/ZcxEUWIm8O
  • It seems the markets are riding high, but risk is always lurking around the corner. Consider your escape plan before you find yourself in collapsing market. What are the top havens for different conditions in 2020? Find out from @JohnKicklighter here: https://t.co/1oeXWEsJkb https://t.co/x8uyOHLtgE
  • 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/CaMR0Vqd1m
  • The US Dollar lost ground to most ASEAN currencies as Emerging Market assets climbed despite US economic woes. USD/INR is eyeing third-quarter Indian GDP at the end of the week. Get your market update from @ddubrovskyFX here:https://t.co/urDN2b5Nwd https://t.co/toSDbVZCSi
  • The global stock market can be categorized into specific groups or ‘stock market sectors’. Organizing the vast number of stocks in this way helps traders to view assets in a more manageable way. Get your stock market sectors basics here: https://t.co/5gbiHmY8yl https://t.co/mQ6ty8Yalv
  • The Euro looks poised to continue gaining ground against haven-associated currencies and may reverse higher against the British Pound in the near term. Get your #Euro market update from @DanielGMoss here:https://t.co/oRIHju7ZzK https://t.co/dIEErVzWEY
  • Gold and silver prices have come under significant pressure recently. However, this correction lower could prove short-lived as price analysis hints at a reversal higher. Get your $XAUUSD market update from @DanielGMoss here:https://t.co/K1qL0fsGwy https://t.co/tRfjlN6X22
Near-term Setups in USD/JPY, GBP/USD and Ethereum

Near-term Setups in USD/JPY, GBP/USD and Ethereum

2017-11-15 19:55:00
Michael Boutros, Strategist
Share:

USD/JPY 240min Chart

USD/JPY Price Chart - 240min Timeframe

Last week we noted that USDJPY was testing a critical near-term resistance zone at 114.30/50 with a favored break below parallel support extending off the September lows needed to shift the focus lower in the pair. A late-week break has USDJPY trading lower with the decline largely holding within this near-term descending channel formation. The focus remains lower while below the weekly open at 113.45 with near-term support targets eyed at 112.26 and the 38.2% retracement / channel support at 111.90.

New to Forex? Get started with our Free Trading Guide!

USD/JPY IG Client Sentiment
  • A summary of IG Client Sentimentshows traders are net-long USDJPY- the ratio stands at +1.08 (52.0% of traders are long) – Weak bearishreading
  • Long positions are 2.9% lower than yesterday and 0.3% lower from last week
  • Short positions are 3.9% lower than yesterday and 23.1% lower from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests USDJPY prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger USDJPY-bearish contrarian trading bias.

See how shifts in USD/JPY retail positioning are impacting trend- Click here to learn more about sentiment!

GBP/USD: The focus is on a pending breakout in sterling as the monthly opening-range continues to take shape just above a critical slope support barrier. The immediate range of interest is 1.3063-1.3221 with a topside breach favored. I highlighted this setup in today’s Scalp Report.

Learn the traits of a successful trader in this Free eBook!

ETH/USD 240min

ETH/USD Price Chart - 240min Timeframe

Ethereum prices reversed off our initial resistance target today at 338. Interim support at 321 with the focus remains higher while above the November open at 304. A breach higher targets subsequent resistance objectives at 349/50 backed closely by 355 & the 61.8% extension at 362.

Join Michael on Fridays for his bi-weekly Webinar on the Foundations of Technical Analysis- Register for Free Here!

---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex or contact him at mboutros@dailyfx.com

https://www.dailyfx.com/free_guide-tost.html?ref-author=Boutros

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

DISCLOSURES