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
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
Gold
Mixed
GBP/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
USD/JPY
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
More View more
Real Time News
  • SEC said to curtail SPAC fervor with discussions on accounting - BBG
  • Gold extends its decline as the 50-day EMA proves to be strong resistance yet again $XAU $USD https://t.co/wHIxrQYDET
  • The Australian Dollar has carved a well-defined monthly range just above trendline support and the immediate focus is on a breakout of the April range for guidance. Get your $AUD market update from @MBForex here:https://t.co/mZs9vBxedN https://t.co/UaM9NnavMk
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.26% 🇨🇭CHF: 0.26% 🇬🇧GBP: 0.25% 🇦🇺AUD: 0.05% 🇳🇿NZD: -0.05% 🇨🇦CAD: -0.24% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/OKUnUn59EY
  • $IWM flows vs. Russell 2000 Index performance https://t.co/vsTaYIX9o8
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.09% Gold: -0.63% Silver: -1.65% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Cyqt8rSZuu
  • #Sterling Outlook: $GBPUSD April Range Set on Support- #Cable Levels - https://t.co/mquksoBZEs https://t.co/7EF4wMMBWZ
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.07%, while traders in Germany 30 are at opposite extremes with 74.45%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/xaohrvjfLs
  • The price of gold appears to have carved a double bottom as it breaks out of the downward trend from earlier this year. Get your $XAUUSD market update from @DavidJSong here:https://t.co/6FaHtNS84K https://t.co/luwH5P9olU
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.07% FTSE 100: 0.06% France 40: 0.04% US 500: 0.02% Wall Street: 0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/zIMIvT5L9r
EURJPY Trend Traders Eye Entrys Under 103.50

EURJPY Trend Traders Eye Entrys Under 103.50

Walker England, Trading Instructor,

Support and resistance levels can be an excellent way to determine buy and sell entrys. Below we have a EUR/JPY daily chart with a downward trend line, acting as resistance. This point of reference is established by connecting the April 2011 high at 122.06 with the July and October 2011 highs. Today’s price action has touched resistance near 103.50 but failed to breakout to new highs. This presents an opportunity for traders to enter the market and sell the EUR/JPY.

EURJPY_Trend_Traders_Eye_Entrys_Under_103.50_body_Picture_2.png, EURJPY Trend Traders Eye Entrys Under 103.50

Since the trend is sloping downward, we can filter our trading for sell positions. Looking to take advantage of prices moving lower, we can employ an oscillator such as CCI to time our entry. The graph below currently shows CCI residing in the overbought region of the indicator (+100). We will look for the indicator to turn lower under this level prior to entry. Stops can be placed outside of our support line to exit the trade in an event where price makes a higher high.

EURJPY_Trend_Traders_Eye_Entrys_Under_103.50_body_Picture_1.png, EURJPY Trend Traders Eye Entrys Under 103.50

My preference is to sell the EUR/JPY under support near 102.40. Stops should be placed outside of resistance near 103.90. Limits should be set target a minimum 300 pips profit at 99.40 to employ a 1:2 Risk / Reward ratio.

Alternative scenarios include prices breaking higher, over resistance.

---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