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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
Wall Street
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
  • The Australian Dollar may extend its slide lower despite the planned easing of Covid-19 restrictions, as the market continues to price in an RBA rate cut on October 6. Get your #currencies update from @DanielGMoss here:
  • The Indian Rupee may be at risk to the US Dollar as USD/INR attempts to refocus to the upside. This is as the Nifty 50, India’s benchmark stock index, could fall further. Get your USD/INR market update here:
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here:
  • #Gold prices have plunged nearly 11% off the record highs with a breakout risking further losses. Here are technical trade levels that matter on the XAU/USD weekly chart. Get your #metals update from @MBForex here:
  • Traders tend to overcomplicate things when they’re starting out in the forex market. This fact is unfortunate but undeniably true.Simplify your trading strategy with these four indicators here:
  • GBP turbulence persists as investors eye the next round of EU-UK Brexit negotiations. Cautious optimism signals a deal is near. Get your #currencies update from @JMcQueenFX here:
  • An economic calendar is a resource that allows traders to learn about important economic information scheduled to be released. Stay up to date on the most important global economic data here:
  • 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:
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here:
  • Entry orders are a valuable tool in forex trading. Traders can strategize to come up with a great trading plan, but if they can’t execute that plan effectively, all their hard work might as well be thrown out. Learn how to place entry orders here:
USDJPY Presses Resistance Ahead of BoJ- Support at 108.87

USDJPY Presses Resistance Ahead of BoJ- Support at 108.87

2014-10-30 20:52:00
Michael Boutros, Strategist

Talking Points

USD/JPY Daily Chart

USDJPY Presses Resistance Ahead of BoJ- Support at 108.87

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • USDJPY approaching yearly highs / key resistance ahead of BoJ / November open
  • Resistance at 109.52/59- Breach targets resistance objectives at 110.08 & 110.50
  • Support at October trendline, 107.63, 106.24 & 105.88
  • Key support / broader bullish invalidation 105.44/57
  • Daily RSI reversal ahead of 40 / 60-breach – constructive
  • Multiple momentum resistance triggers pending- look for reaction
  • Event Risk Ahead: Japanese Jobless Rate, CPI & Bank of Japan Rate Decision tonight and US Personal Income/Spending & University of Michigan Confidence tomorrow

USD/JPY 30min Chart

USDJPY Presses Resistance Ahead of BoJ- Support at 108.87

Notes: The USDJPY is trading within the confines of a well-defined Andrew’s Pitchfork formation off the October lows with a clear break of the weekly opening range yesterday (post-FOMC) shifting the focus to the topside. The rally has now taken the pair into key resistance just shy of the 2014 highs. Long exposure is at risk heading into 109.52/59 with a breach (on a close basis) needed to maintain our topside scalp bias.

Bottom line: Look for short triggers ahead of 109.60 with a move sub-108.87 / pitchfork support offering further conviction for our near-term scalp bias. A breach above 109.60 invalidates the short-bias with such a scenario eyeing the 2014 high at 110.08 and beyond. Caution is warranted heading into key event risk with the Japanese jobless claims, inflation and the Bank of Japan interest rate decision on tap this evening. Follow the progress of trade setups like these and more throughout the trading week with DailyFX on Demand.

* It’s extremely important to give added consideration regarding the timing of intra-day scalps with the opening ranges on a session & hourly basis offering further clarity on intra-day biases.

Key Threshold Grid

Entry/Exit Targets



Technical Relevance

Resistance Target 1

Daily / 30min


88.6% Retracement / October Open

Resistance Target 2

Daily / 30min


~Pitchfork Resistance

Bearish Invalidation

Daily / 30min


2014 High

Break Target 1



August 2008 High Day Close

Break Target 2



Big Figure / 2.618 Ext

Support Target 1

Daily / 30min


2014 High Day Close

Bullish Invalidation



Weekly ORH / Pitchfork Support

Break Target 1



Big Figure

Break Target 2

Daily / 30min


50% Retracement / Weekly ORL

Break Target 3



61.8%v Ext / Sept & Oct Swing High(s)

Break Target 4



Big Figure

Break Target 5



Soft Support / Pivot

Break Target 6

Daily / 30min


10/21 Low

Break Target 7



October Low Day Close

Break Target 8



50% & 61.8% Retrace(s) / Jan Highs

Average True Range

Daily (20)


Profit Targets 21-24pips

*ORH: Opening Range High

*ORL: Opening Range Low

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

For updates on this scalp and more setups follow him on Twitter @MBForex

To contact Michael email or Click Here to be added to his email distribution list

Join Michael for Live Scalping Webinars on Mondays on DailyFX and Tuesday – Thursdays on DailyFX Plus (Exclusive of Live Clients) at 12:30 GMT (8:30ET)

Interested in learning about Fibonacci? Watch this Video

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