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. See our updated Privacy Policy here.

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
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
More View more
Real Time News
  • Join @IlyaSpivak at 22:00 EST/2:00 GMT for his cross-market weekly outlook webinar. Register here: https://t.co/MKGHc9ae64 https://t.co/JMlT0Wn3DK
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3IBcEu https://t.co/sbejkd7XT5
  • *Reminder: Weekly Strategy Webinar Monday morning at 8:30am ET - https://t.co/lxd5fZnn4H Mid-Week Market Update on Wednesday at 9:30am ET - https://t.co/8SFBJxNZrA
  • Are you new to trading? Technical analysis of charts aims to identify patterns and market trends by utilising different forms of technical chart types and other chart functions. Get a refresher on technical analysis or begin building your knowledge here: https://t.co/qV3c7a4YR3 https://t.co/CJR61cljOe
  • (AUD Weekly Tech) Australian Dollar May Wilt, Downtrends Resume: AUD/USD, AUD/JPY, AUD/NZD, AUD/CAD https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2021/09/19/Australian-Dollar-May-Wilt-Downtrends-Resume-AUDUSD-AUDJPY-AUDNZD-AUDCAD.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/DedoOKJMXh
  • Entry orders are a valuable tool in forex trading. Traders can strategize to come up with a great trading plan, but if they can’t execute that plan effectively, all their hard work might as well be thrown out. Learn how to place entry orders here: https://t.co/1mnOXUuBpt https://t.co/GQB0ic9Ahe
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here: https://t.co/vg7w10la3j https://t.co/lx3cMSpZNc
  • Further your forex knowledge and gain insights from our expert analysts on EUR with our free guide, available today: https://t.co/XtydfUNW0y https://t.co/n4NXZUovb0
  • Scoping out next week for trading the market, there are a range of high profile influences including September PMIs, Evergrande and a range of central bank decisions. Top listing on my docket is the #FOMC with my scenarios below. Full analysis: https://www.dailyfx.com/forex/video/daily_news_report/2021/09/18/SP-500-and-Dollar-on-the-Hook-for-Breaks-with-Evergrande-Fed-and-September-Trade-Ahead.html https://t.co/ZdoMJS9fp5
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/Q3Yfe6TMLw
USDJPY Favors Upside If Risk-On Holds

USDJPY Favors Upside If Risk-On Holds

Tyler Yell, CMT, Currency Strategist

Bias: Bullish

Point to Establish Long Exposure: Break / Close > 123.77 – 124.44 Zone

Invalidation Level: Gap Open Low and Prior Resistance at 121.848

Target 1: 125.85 (2015 High)

Target 2: 127.00 Fibonacci Target based on trend progression from July 2014 low.

Both JPY & USD are seen benefitting from the ‘No’ vote in Greece over the weekend. The benefit is mainly due to safe haven capital flows. On the open, a gap in favor of the JPY seemed to show risk-off sentiment would rule the day and maybe the week or longer. However, since the gap open, the USD seems to be favored over the JPY.

From a Fibonacci perspective, 61.8% of 118.89-125.86 & May hi/lows by 121.55 seem to be crucial pivots. Add to that, USDJPY is near prior key levels as well as current technical significance of Ichimoku’s cloud & 20,2 Volatility Bands favors trend resumption as shown on the 2 charts below. Until equities really start to peel off the prior gains, JPY demand is unlikely to be sustainable.

From a volume perspective, the move into the support mentioned above hasn’t attracted much demand. When falling prices do not attract volume, the move is suspect and from a probability point of view, a corrective move that may soon resume the prior trend. In USDJPY’s scenario, the trend is higher.

Volume & Technical Levels on USDJPY

USDJPY Favors Upside If Risk-On Holds

Volatility Bands Show Support & MA Acts as Trigger

USDJPY Favors Upside If Risk-On Holds

The Fundamental risk is the present fear that Fed tightening could be delayed due to rising global risk. This truth would be best seen via a widening of the 2/10 UST yield spread.

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

DISCLOSURES