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
EUR/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
Oil - US Crude
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
Wall Street
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
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
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • #BTC testing confluent resistance at the Ascending Channel midpoint and September high (12067) RSI hints at further gains as it surges towards overbought territory Is #Bitcoin poised to break back above key resistance at the $12,000 mark? https://t.co/YCPnKq0VcJ https://t.co/EgHA4jELhI
  • I thought it was make or break today by the close on whether they can get a fiscal stimulus before the Nov 3rd election... https://t.co/YgwnE9vDXC
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.48% 🇪🇺EUR: 0.45% 🇨🇭CHF: 0.32% 🇯🇵JPY: -0.06% 🇦🇺AUD: -0.27% 🇳🇿NZD: -0.40% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/0YPpZ9dwBY
  • USD/JPY Price Outlook: Dollar-Yen Undermined by Fiscal Stimulus Hopes Link to Analysis via @DailyFX: https://www.dailyfx.com/forex/market_alert/2020/10/20/usdjpy-usd-jpy-price-outlook-dollar-yen-undermined-by-stimulus-hopes.html $USDJPY $USD $JPY #FX #Forex #Trading https://t.co/yNss3yhgt7
  • It’s been relatively quiet in FX-land, but the USD did push below a big zone of support earlier today. Get your $USD currency pairs technical analysis from @JStanleyFX here:https://t.co/ZC8g3lVxoO https://t.co/lchSrr9hBO
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 1.02% Gold: 0.15% Oil - US Crude: -1.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/SN5ZJQwiRu
  • White House Chief of Staff Mark Meadows: -Mnuchin and Pelosi made good progress on stimulus talks today -We still have a ways to go toward reaching a deal -Talks productive enough to continue again tomorrow -Trump admin offer currently stands at $1.88-trillion
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.81%, while traders in EUR/USD are at opposite extremes with 73.16%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/PUSjs4XLSS
  • US Treasury opposes extension of Federal Reserve's Municipal Lending Facility (MLF) -BBG $USD $SPX $XAU $RUT $DJI
  • Netflix 3Q earnings shows EPS at $1.74 vs expectations of $2.13 on revenue of $6.44 Bln vs expectations of $6.38 Bln. Not the greatest start for FAANG earnings
EUR/JPY Price Action Wedges Under 109.95

EUR/JPY Price Action Wedges Under 109.95

2012-03-14 17:29:00
Walker England, Trading Instructor,
Share:

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, 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