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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
Wall Street
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
  • 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:
  • Another USD pair to watch - $USDCAD nearing May 13th peak (1.22) - 50DMA above at 1.2246 - The move however, going against the continued bid in oil prices
  • 1.4070 gives way, fresh session lows for cable
  • IG Client Sentiment Update: Our data shows the vast majority of traders in USD/CAD are long at 74.28%, while traders in France 40 are at opposite extremes with 79.74%. See the summary chart below and full details and charts on DailyFX:
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here:
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.64% Gold: -0.04% Silver: -0.64% View the performance of all markets via
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.13% 🇪🇺EUR: 0.04% 🇯🇵JPY: 0.01% 🇬🇧GBP: -0.21% 🇨🇦CAD: -0.30% 🇦🇺AUD: -0.31% View the performance of all markets via
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: France 40: 0.46% Germany 30: 0.42% FTSE 100: 0.15% US 500: 0.02% Wall Street: -0.04% View the performance of all markets via
  • Get our analysts’ view on the key fundamentals for Oil in Q2. Download now.
  • Once again, $GBP approaching the recent range lows
EUR/JPY Price Action Wedges Under 109.95

EUR/JPY Price Action Wedges Under 109.95

Walker England, Trading Instructor,

The EUR/JPY has spent much of 2012 making higher highs, inside of a much broader downtrend. Since its April 2011 high at 123.31 the pair has moved 2629 pips lower , to the current 2012 low at 97.02. Price has rallied through the month of March, particularly since traders have begun accumulating risk by selling the Yen. Better than expected news, such as NFP on March 9th, has also been a market driver. As prices continue to climb, savvy trend traders are looking at the daily trend looking for a chance for fresh sell entry’s.

EURJPY_Price_Action_Wedges_Under_109.95_body_Picture_2.png, EUR/JPY Price Action Wedges Under 109.95

Moving in to a 4Hour time frame, we can see the development of a rising wedge. A rising wedge is often considered a corrective pattern, occurring at the end of a retracement. The pattern itself is created by extrapolating a trend line using both highs and lows on the graph. As support and resistance merge together, while trading ranges decrease, traders begin to look for breakout entry’s.

Price targets can also be extrapolated when trading wedge patterns. The key is to measure the distance of the base in pips. Once this amount is found, we can extrapolate this from our breakout point to find our primary limit entry. It is also important to note, that since the wedge is a reversal pattern, we can look for larger profit targets depending on our time and risk/reward preferences.

EURJPY_Price_Action_Wedges_Under_109.95_body_Picture_1.png, EUR/JPY Price Action Wedges Under 109.95

My preference is to create a new entry order to sell the EUR/JPY under 108.35. Stops should be set over resistance at 109.35. Using our extension as a price target, primary limits will be set at 106.35 for a 1:2 Risk/Reward ratio.

Alternative scenarios include price breaking over daily resistance to new highs over 109.94

---Written by Walker England, Trading Instructor

To contact Walker, 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

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.