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
EUR/USD
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
Oil - US Crude
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
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
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
GBP/USD
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
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:🇬🇧 Gfk Consumer Confidence Final (JUN) due at 23:01 GMT (15min) Previous: -36 https://www.dailyfx.com/economic-calendar#2020-07-02
  • Understanding the US-Mexico relationship and how the ebb and flow of economic activity in the former impacts the latter is crucial for trading USD/MXN. Get your $USDMXN market update from @ZabelinDimitri and @FxWestwater here:https://t.co/oCRV13zbF0 https://t.co/gSzGAUJx4F
  • RT @FxWestwater: S&P 500 Rallies as Key Insiders Dump Stock, Traders Add Shorts - @DailyFX $SPX $SPY https://www.dailyfx.com/forex/fundamental/article/special_report/2020/07/02/SP-500-Rallies-as-Key-Insiders-Dump-Stock-Traders-Add-Shorts.html https://t…
  • The Dow Jones may rise based on signals from trader positioning, placing the focus on resistance ahead. This is as the S&P 500 pressures a key falling trend line, will it hold? Find out from @ddubrovskyFX here:https://t.co/UvXqX50YIp https://t.co/rr2s58Zyls
  • Hey traders! Get your market highlights from @DailyFX Chief Strategist @JohnKicklighter. What are some charts and themes we are wrapping up with today? Find out 👇 https://t.co/HOGohRF7tD
  • Texas virus cases increase 4.7% vs prior 4.2% 7-day average - BBG
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.51% 🇨🇦CAD: 0.17% 🇦🇺AUD: 0.16% 🇯🇵JPY: -0.03% 🇬🇧GBP: -0.05% 🇪🇺EUR: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/9dkCjQChjR
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Gold: 0.32% Silver: -0.26% Oil - US Crude: -0.74% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/WNWW8VibD8
  • Texas Governor mandates face masks in public by executive order
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.35%, while traders in Germany 30 are at opposite extremes with 71.50%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/BbKn9Fy1J4
USD/JPY Creates a Price Channel at 76.95

USD/JPY Creates a Price Channel at 76.95

2011-11-21 19:12:00
Walker England, Trading Instructor,
Share:

The USD/JPY continues its descent by printing lower lows and highs from its 2011 peak, on April 6th at 85.56. The pair has moved a total of 1001 pips down to create its current low at 75.55 on October 31st. Trend traders will look for this move to continue, selling on retracements towards support.

Fundamentally, both the USD and the JPY remain safe haven currencies that perform best in a “Risk off” environment. The JPY however, appears to be maintaining its strength against the buck due to continued economic uncertainty out of the US. Traders will need to continue to monitor the economic calendar for continued insight into this ongoing down trend.

USD.JPY_Creates_a_Price_channel_at_76.95_body_Picture_1.png, USD/JPY Creates a Price Channel at 76.95

Once we have found our long term trend, we can move in and look at our 2Hour chart. Below you will find the creation of a price channel. This channel is created by drawing a trend line through as many connection points as possible. Resistance can be found by linking the November 13th at 17.25 with today’s price action. This line may be copied in marketscope 2.0, and extrapolated to form support connecting our November 14th-18th lows.

USD.JPY_Creates_a_Price_channel_at_76.95_body_Picture_2.png, USD/JPY Creates a Price Channel at 76.95

My preference is to sell the USD/JPY against the test of resistance on our price channel. Entrys should be placed near 76.95. Stops should be placed over resistance near 77.15. Limits should look for the bottom of our channel near 76.55 for a clear 1:2 Risk/Reward scenario.

Alternatives include price breaking resistance and move to higher highs.

Additional Resources

Trading the Trend

Strategy Selection

Price Action

---Written by Walker England, Trading Instructor

To contact Walker, emailinstructor@dailyfx.com. Follow me on Twitter at @WEnglandFX.

To be added to Walker’s e-mail distribution list, send an email with the subject line “Distribution List” to instructor@dailyfx.com

DailyFX providesforex newson the economic reports and political events that influence the currency market. Learncurrency tradingwith a free practice account and charts from FXCM.

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

DISCLOSURES

News & Analysis at your fingertips.