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
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
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
Gold
Bearish
GBP/USD
Bullish
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
  • Heads Up:🇧🇷 BCB Focus Market Readout due at 11:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-05-25
  • 🇲🇽 Balance of Trade Actual: $-3.087B Expected: $2.04B Previous: $3.398B https://www.dailyfx.com/economic-calendar#2020-05-25
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.32%, while traders in US 500 are at opposite extremes with 76.77%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Tha105cXZ5
  • Heads Up:🇲🇽 Balance of Trade due at 11:00 GMT (15min) Expected: $2.04B Previous: $3.392B https://www.dailyfx.com/economic-calendar#2020-05-25
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.73% Gold: -0.29% Silver: -0.85% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/enjCuKY7xE
  • $SPX faces pivotal resistance, while #FTSE 100 continues to trade in rangebound fashion. Get your #equities technical analysis from @JMcQueenFX here: https://t.co/JXLZIbXzrQ https://t.co/37cpFa4skw
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.21% 🇬🇧GBP: 0.11% 🇦🇺AUD: -0.03% 🇳🇿NZD: -0.05% 🇨🇭CHF: -0.06% 🇯🇵JPY: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/W8OTNI6e3n
  • 🇮🇱 GDP Growth Rate QoQ 1st Est Actual: -1.8% Previous: 1.1% https://www.dailyfx.com/economic-calendar#2020-05-25
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.93% France 40: 1.28% FTSE 100: 1.25% Wall Street: 1.10% US 500: 1.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Fn5s0UlxkI
  • Heads Up:🇮🇱 GDP Growth Rate QoQ 1st Est due at 10:00 GMT (15min) Previous: 1.1% https://www.dailyfx.com/economic-calendar#2020-05-25
Near-term Setups in GBP/USD, USD/JPY, AUD/JPY

Near-term Setups in GBP/USD, USD/JPY, AUD/JPY

2018-01-25 18:46:00
Michael Boutros, Strategist
Share:

Here's an update on a few of the setups we’ve been tracking this week. Find a detailed, in-depth review of these setups and more in this week’s Strategy Webinar.

GBP/USD Weekly Chart

GBP/USD Price Chart - Weekly Timeframe

Earlier this week I highlighted a definitive break-out in the British Pound with the pair surging through slope resistance as the advance extends to fresh 19-month highs. The rally is now eyeing resistance targets at 1.4356 backed closely by the upper median-line parallel which converges on the 200-week moving average just below the 1.44-handle. Both these targets represent areas of interest for near-term exhaustion. Bottom line: the focus remains higher while above 1.3952 with a breach targeting the 50% retracement of the Brexit decline at 1.4571.

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

USD/JPY Weekly Chart

USD/JPY Price Chart - Weekly Timeframe

Price slipped below confluence down-trend support this week and a clear break of the monthly opening range keeps the focus lower heading into the close of the month. That said, price seems a bit stretched here and we’re on the lookout for a rally to fade while below 109.55 targeting 107.84 & 107.50. I highlighted this setup in today’s Scalp Report.

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

AUD/JPY Daily Chart

AUD/JPY Price Chart - Daily Timeframe

AUD/JPY is has set a well-defined monthly opening range and we’ve been trading the short-side since the 1/23 outside-day reversal off the 89.03/16 resistance range. Price is attempting to break below monthly / yearly open support today with our focus on a reaction down at 87.28- a break below this threshold would suggest a larger correction is underway with such a scenario targeting subsequent support objectives into the 86-handle. Levels / outlook remain unchanged from this week’s AUD/JPY Scalp Report.

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

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

DISCLOSURES

News & Analysis at your fingertips.