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.

Free Trading Guides
EUR/USD
Bearish
GBP/USD
Mixed
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
Gold
Bullish
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • RT @globaltimesnews: A total of 1,052 cases of #coronavirus have been reported as of Jan 25 in #Hubei Province, with 129 in critical condit…
  • RT @FactSet: $SPX is reporting revenue growth of 2.9% for Q4, led by the Health Care (11%), Utilities (9%), and Communication Services (9%)…
  • The AUD has been hit by the risk-appetite pullback occasioned by the spread of Wuhan-strain coronavirus. This week may see domestic focus return, if headlines allow, with key inflation data due. Get your $AUDUSD market update from @DavidCottleFX here: https://t.co/UIpwno0pSq https://t.co/kib4d1mA0q
  • RT @anilvohra69: USD inverted (red) is correlated to Excess Reserves (blue) and Reserve Balances (green). 1/2 https://t.co/bbO1pPWY4F
  • RT @FactSet: $SPX is reporting a decline in earnings of -1.9% for Q4, led by the Energy (-42%), Consumer Discretionary (-14%), and Material…
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/6iMyDFqnqe
  • Knowing how to accurately value a #stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/2mjzvYvgSn
  • Previewing the Texas Rangers new home! https://t.co/WITZGSQPlc
  • Thanks for having me on @MartinSEssex https://t.co/fg8uOe16wr
  • The MACD is often used with its default setting when entering trades. However, this versatile indicator can be customized to assist traders in exiting trades too. Learn how to better incorporate the MACD into your trading strategy here: https://t.co/HnY7gzsI2q https://t.co/5F1DSvAXyy
EUR/JPY Becomes Scalping Target with Technical Convergence

EUR/JPY Becomes Scalping Target with Technical Convergence

2010-03-17 14:54:00
John Rivera, Currency Analyst
Share:

Key Technical Levels

0317scalp1

The 50-Day SMA at 125.34 is a significant barrier for the EUR/JPY and considering that price action has held below the technical level since January 5th, a major catalyst may be needed to see the level broken. The current rising channel is an indication that there is a solid level of support which is limiting downside risks at the moment. We see that over the past 24 hours a rising trend line has provided a solid target level for short-term traders, which should be monitored as a break below could signal a shift in sentiment.

0317scalp2

Quantitative Metrics

The lingering credit issues for European nations have kept traders cautious which has reduced the potential for a bullish breakout. Therefore, we have seen the pair’s ATR begin to decrease during the current bullish rally as it has been constructed in small increments. A Bollinger band width of 579 pips speaks to the trending nature of the pair and increases the risks for scalpers. Additionally, a one week implied volatility reading of 11.25 is the second highest of the most traded pairs and a red flag for high frequency traders.

0317scalp3

Click For Additional Info On Scalping Strategies

To Discuss Scalping Strategies and Get Tips From Other Traders Visit The Scalping Forum.

How To Use Scalping Report Video

Contribute to the Haiti relief effort

To discuss this report or be added to the email list, contact John Rivera, Currency Analyst: instructor@dailyfx.com

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

DISCLOSURES

News & Analysis at your fingertips.