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
Bearish
Oil - US Crude
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
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
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Crude oil prices fell 4 days in a row, weighed by virus concerns and a much higher-than-expected rise in US crude stockpiles. According to EIA reports, US crude oil inventory climbed by 4.32 million barrels in the week ending Oct 23rd, much higher than a 1.23 million forecast. https://t.co/Q2zfFfzIbT
  • 🇯🇵 Retail Sales YoY (SEP) Actual: -8.7% Expected: -7.7% Previous: -1.9% https://www.dailyfx.com/economic-calendar#2020-10-28
  • 🇯🇵 Foreign Bond Investment (24/OCT) Actual: ¥-1,010.8B Previous: ¥419.8B https://www.dailyfx.com/economic-calendar#2020-10-28
  • Heads Up:🇨🇳 Communist Party Annual Meeting due at 00:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-10-29
  • Heads Up:🇯🇵 Retail Sales YoY (SEP) due at 23:50 GMT (15min) Expected: -7.7% Previous: -1.9% https://www.dailyfx.com/economic-calendar#2020-10-28
  • Heads Up:🇯🇵 Foreign Bond Investment (24/OCT) due at 23:50 GMT (15min) Previous: ¥419.8B https://www.dailyfx.com/economic-calendar#2020-10-28
  • The New Zealand Dollar may continue to outperform the haven-associated US Dollar as price breaks above key long-term resistance. Get your $NZDUSD market update from @DanielGMoss here:https://t.co/D1DxtDkJXd https://t.co/7sESxSVQTr
  • - Biden-Trump betting odds continue to show Biden way ahead of the incumbent - Investors should not get complacent – there is precedent for an unexpected win - Gold price decline may accelerate after XAU/USD broke a multi-week uptrend https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/10/28/Gold-Selloff-to-Accelerate-With-Less-Than-a-Week-Until-Election-Day.html
  • GBP/USD looks likely to continue to trade around the 1.30 level as the talks between the EU and the UK on their future trade relationship continue. Get your GBP/USD market update here:https://t.co/RwiU3esd2q https://t.co/8OnddX6Tbb
  • Wall Street Futures Update: Dow Jones (+0.451%) S&P 500 (+0.498%) Nasdaq 100 (+0.530%) [delayed] -BBG
EUR/JPY , Updated Entry on Friday Advance

EUR/JPY , Updated Entry on Friday Advance

2012-03-16 16:26:00
Walker England, Trading Instructor,
Share:

The EUR/JPY has continued its surge since the March 14th Chart Of The Day. Since our last article the pair has placed the 110 psychological pricing level under siege, reaching as high as 109.95 in early trading. Below we can see our chart suggesting a sell entry from a wedge shaped pattern on the EUR/JPY from earlier in the week. As price advances, we can still look to sell the pair, however our entry’s should be adjusted higher as support rises. Previous entry’s to sell were placed near 108.35. My preference is to advance this order closer to 109.15.

EURJPY_Updated_Entry_on_Friday_Advance_body_Picture_2.png, EUR/JPY , Updated Entry on Friday Advance

Moving into today’s 4Hr chart, we can begin to see our wedge evolving into an ascending triangle pattern. Price has continued to advance up support, while resistance is now being maintained by the February 26th high at 109.95. This is an exciting scenario for breakout traders. With one entry already set to sell below support, we can look to add an entry to buy a break of resistance. Having entry’s on either side of the market allow us to have flexibility in trading either direction the EUR/JPY may break.

EURJPY_Updated_Entry_on_Friday_Advance_body_Picture_1.png, EUR/JPY , Updated Entry on Friday Advance

My preference is to create a new entry order to buy the EUR/JPY over 110.15. Stops should be set under support at 109.70. Primary limits should look for a minimum of 90 pips at 111.05 for a 1:2 Risk/Reward ratio.

Alternative scenarios include price breaking below support towards our previous entry.

---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