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.

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
GBP/USD
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
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIasun https://t.co/Iqa6geONY6
  • Heads Up:🇨🇳 Industrial Profits (YTD) YoY (AUG) due at 01:30 GMT (15min) Previous: 57.3% https://www.dailyfx.com/economic-calendar#2021-09-27
  • RT @FxWestwater: Australian Dollar Forecast: $AUDUSD Action May Swing on Chinese Industrial Profits Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/09/26/Australian-Dollar-Forecast-AUDUSD-Action-May-Swing-on-Chinese-Industrial-Profits.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://…
  • Central banks often deem it necessary to intervene in the foreign exchange market to protect the value of their national currency. Learn how central bank intervention can impact your trading here: https://t.co/8G8mUX4so6 https://t.co/YTdM3KVtUk
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here: https://t.co/nAa0fHHGbZ https://t.co/Bnih4YvTdg
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am ET on DailyFX! https://t.co/lxd5fZ5LG7
  • (Weekly Fundy) Crude Oil May Rise as Covid Case Growth Slows. WTI Eyes OPEC Outlook, Evergrande #CrudeOil #WTI #OPEC #Evergrande https://www.dailyfx.com/forex/fundamental/forecast/weekly/title/2021/09/26/Crude-Oil-May-Rise-as-Covid-Case-Growth-Slows-WTI-Eyes-OPEC-Outlook-Evergrande.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/76e2aGf3p0
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4Cnoc1dk0 https://t.co/NhsMS1EY4b
  • We are heading into the final trading days for the month of September and event risk thins out amid the $SPX's rebound. This is what history says for the 39th week of the year and here is my take on the variable factors: https://www.dailyfx.com/forex/video/daily_news_report/2021/09/25/SP-500-and-Dollar-Have-Different-Views-for-Last-Week-of-September.html https://t.co/4OBVmrvI7I
  • Further your forex knowledge and gain insights from our expert analysts on AUD with our free guide, available today: https://www.dailyfx.com/free-trading-guides?ref-author=social#forecastschoices=AUD?QPID=30472&CHID=9 https://t.co/LHJi7CNFmM
USD/JPY Consolidates After 176 Pip Decline

USD/JPY Consolidates After 176 Pip Decline

Walker England, Forex Trading Instructor

Talking Points

  • USD/JPY Consolidates After Tuesday’s 176 Pip Decline
  • Daily USD/JPY Support is Found at 99.53
  • What’s next for the USD/JPY and US Dollar Pairs? Learn more with our Trading Guide

The USD/JPY continues to consolidate for the second consecutive day, after prices dramatically dropped 176 pips in Tuesdays trading. With the USD/JPY failing to breakout, the currency pair still remains inside of Tuesday’s daily high and low. This places Tuesdays high of 101.29 as a point of resistance, and the low of 99.53 as support. As such, traders should continue to monitor these values and plan for the markets next major breakout.

USD/JPY, Daily Chart & Inside Bar Consolidation

USD/JPY Consolidates After 176 Pip Decline

Chart prepared by Walker England

In the 10 minute graph below, we can see the USD/JPY rebounding from its daily low of 99.64. Despite this rally, the Grid Sight Index (GSI) is currently highlighting a short term downtrend in the last hour of trading. After reviewing 32,791,476 pricing points, GSI has declined 21 pips or more in 48% of the 21 identified historical matching events. This places today’s first bearish distribution at a price of 99.98. If the USD/JPY moves back below this value, traders may look for the pair to potentially challenge daily lows and longer term support at 99.53

Alternatively, GSI has indicated that prices have advanced 20 pips or more in 38% of the 21 matching events. This places the first bullish distribution at a price of 100.39. It should be noted that the final bullish distribution identified by GSI is found at 100.99. In only 10% of the matching historical evens did prices rise by at least 80 pips Even if the USD/JPY did reach this value, it would still be trading below range resistance at 101.29.

How can GSI help in your trading? Get started learning about the Index HERE.

USD/JPY Consolidates After 176 Pip Decline

Sentiment for the USD/JPY remains extreme, with SSI (speculative sentiment index) reading at +4.18. With 81% of positioning long, SSI suggests that the USD/JPY may decline further. In the event of a bearish breakout, it would be expected for positive sentiment reading to remain extreme. Alternatively, if prices revers higher, SSI may decline towards a more neutral reading.

Are traders long or short the market Find out here!

USD/JPY Consolidates After 176 Pip Decline

To Receive Walkers’ analysis directly via email, please SIGN UP HERE

See Walker’s most recent articles at his Bio Page.

Contact and Follow Walker on Twitter @WEnglandFX.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES