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
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
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
More View more
Real Time News
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/Uz6LKXdR2k
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1dg6y3 https://t.co/fGi6YgqqQt
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here: https://t.co/BnA07cMV0s https://t.co/fdigOgkmio
  • A forex trader is strategic, disciplined and always switched on to the markets. Learn how to build an FX mindset here: https://t.co/tB3aAErd70 https://t.co/Ilqz8BWTk0
  • The final ‘full’ week of the year brings about the last wave of significant event risk from around the globe, including three central bank rate decisions (Fed, BOE, & BOJ). Get your market update from @CVecchioFX here:https://t.co/PhqxSPlngI https://t.co/XX57vSjQwV
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/HOvzuOICQx
  • Ever wonder if there are other chart types that can be sued for technical analysis? HLOC charts are discussed in the following article as well as their pros and cons. Learn more here: https://t.co/qV3c7a4YR3 https://t.co/32hYzqhuZ9
  • The Australian Dollar sits on the crossroads of Treasury yields, the S&P 500 and US fiscal stimulus expectations. Will $AUDUSD gains slow? Chinese Q4 GDP and Australian jobs data are due. Get your market update from @ddubrovskyFX here: https://t.co/BsYmmWFYOH https://t.co/HhLqb2iVgk
  • #Gold prices have come under significant pressure to kick-off 2021. However, the formation of bullish technical patterns across multiple timeframes suggests that a rebound higher may be at hand. Get your market update from @DanielGMoss here: https://t.co/Dpf8N4Fh0T https://t.co/pnZpnM9yT5
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/yCtLFemdNc
EURJPY New MACD Entry Update

EURJPY New MACD Entry Update

2012-04-11 18:20:00
Walker England , Trading Instructor,

The EURJPY has been an exciting trending pair to trade over the course of the last month. From its March 21st high of 111.42 the pair has declined 599 pips to its April low at 105.43. During this swing down we have been fortunate to enter trades thus far utilizing breakout entries toward new lows. Taking a note from April 6ths Chart Of The Day , we can continue to look for new ways to enter the EURJPY pair on the continuation of the trend.

EURJPY_New_MACD_Entry_Update_body_Picture_2.png, EURJPY New MACD Entry Update

The MACD Oscillator can be an excellent way of pinpointing new entries during an established trend. MACD is comprised of a MACD line, signal line and histogram. Since price is moving downward we will look to add to our short positions when the MACD line closes below the signal line. This signals that momentum is returning to our trend and can then re-enter the trend.

Price targets from our previous two positions can be used for this trade as well . As long as the trend is heading lower, lower lows should be targeted. As our current monthly low resides at 105.43 , limits should be placed under this point of short term support.Looking down the graph, long standing support for the pair can be found near 104.05 and then 102.05. Both targets can be utilized depending on your risk tollerance and time horizion on your trading positions.

EURJPY_New_MACD_Entry_Update_body_Picture_1.png, EURJPY New MACD Entry Update

My preference is place a fresh sell order on the EURJPY on a MACD cross near 1.0616 or better. Limits should look for a minimum of 200 pips of profit at 1.0416. Stops for all positions should be moved to 1.0716 locking in 128 pips of profit on existing positions, while creating a clear 1:1 Risk/Reward ratio for our new position.

Alternative scenarios include price breaking back above the previous high

---Written by Walker England, Trading Instructor

To contact Walker, email instructor@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