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
Mixed
Gold
Bearish
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
USD/JPY
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
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out: https://t.co/td5WA4hCZC https://t.co/wnnk0zMjXH
  • Heads Up:🇫🇷 Inflation Rate YoY Final (JUL) due at 06:45 GMT (15min) Expected: 0.8% Previous: 0.2% https://www.dailyfx.com/economic-calendar#2020-08-14
  • Have you been catching on your @DailyFX podcast "Global Markets Decoded"? Catch up on them now, before new episodes release! https://t.co/Twr44cZ1GB https://t.co/oo0ClrQKLK
  • The Malaysian #Ringgit fell today after Malaysian Q2 GDP contracted -17.1% y/y (vs -10.9% expected) This leaves $USDMYR closer towards facing key resistance above Dominant outlook remains bearish however, check out this week's #ASEAN tech outlook here - https://t.co/yR4bEV3NCe https://t.co/xjPPs3RD5D
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/S9CEcB4urE https://t.co/XhXvSI8ECM
  • 🇯🇵 Tertiary Industry Index MoM (JUN) Actual: 7.9% Previous: -2.1% https://www.dailyfx.com/economic-calendar#2020-08-14
  • Heads Up:🇯🇵 Tertiary Industry Index MoM (JUN) due at 04:30 GMT (15min) Previous: -2.1% https://www.dailyfx.com/economic-calendar#2020-08-14
  • Multiple time frame analysis follows a top down approach when trading and allows traders to gauge the longer-term trend while spotting ideal entries on a smaller time frame chart. Learn how to incorporate multiple time frame analysis here: https://t.co/HnzQcAXWLU https://t.co/nRLUAAEc7t
  • #EURUSD may be forming a Head and Shoulders top on the daily chart. Confirmation on a break of neckline support may open the door for a break toward the 1.15 figure. https://t.co/iXOwXxCEjc
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/3FsnNdo7VK https://t.co/lC69rPbkcJ
USD/JPY Consolidates Ahead of Friday’s NFP Announcement

USD/JPY Consolidates Ahead of Friday’s NFP Announcement

2016-08-03 16:30:00
Walker England, Forex Trading Instructor
Share:

Talking Points

  • The USD/JPY Remains Supported Above Tuesdays Low at 100.67
  • Friday’s NFP Announcement May Provide Breakout Opportunities
  • If you are looking for Forex trading Ideas, check out our US Dollar Trading Guide

The USD/JPY has found temporary support above yesterday’s low at 100.67. If prices close below yesterday’s high at 102.83, the USD/JPY will close the session creating an inside bar. While using both of these points as a reference, many traders will be looking for a breakout on Friday with the announcement of NFP data for the month of July. Expectations are set at 175k, and any deviation from this expectation may cause US Dollar pairs to react violently.

Are traders long or short the market Find out here!

USD/JPY Inside Bar, Daily Chart

USD/JPY Consolidates Ahead of Friday’s NFP Announcement

Chart prepared by Walker England

In the 3-minute graph below, we can see the USD/JPY trading lower off of its most recent swing high at 101.57. The Grid Sight Index (GSI) has indicated that short-term momentum has turned lower by highlighting a series of lower lows in the last hour. After reviewing 90,713,988 pricing points, GSI has advanced 16 pips in only 18% of the identified 309 matching historical events. This places today’s first bullish distribution at a price of 101.47. Traders looking for a bullish reversal in the USD/JPY should first look for prices to trade through this point, before testing longer-term values of resistance.

Alternatively, the first bearish distribution is found at 101.23. GSI has indicated that prices have declined eight pips in 61% of the matching 309 historical events. Traders looking for a resumption of the pair’s current downtrend should first watch for price to trade through this value. It should be noted that the final bearish distribution for the day is found at 100.99. GSI has indicated prices have declined 32 pips in just 16% of the historical matches, but a move to this point would open the USD/JPY to testing the previously mentioned point of support at 100.67.

Want to learn more about GSI? Get started learning about the Index HERE.

USD/JPY Consolidates Ahead of Friday’s NFP Announcement

The ratio of long to short positions for the USD/JPY stands at +3.89. This SSI (speculative sentiment index) reading is extreme, and suggests that the USD/JPY may decline further. In the event that the pair trades to new weekly and monthly lows, traders should look for SSI to remain extreme. Alternatively, in the event of bullish breakout, traders should look for SSI to neutralize back towards negative readings.

USD/JPY Consolidates Ahead of Friday’s NFP Announcement

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

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.