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
Bullish
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
Oil - US Crude
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
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
Mixed
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • NY Fed's GDP Nowcast model sees US Q1 GDP at 6.9% vs. 6.78% in prior week. #Fed $USD
  • Hey traders! Wrap up your week with a market update from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/zOiAQGMNzY
  • $EURGBP has strengthened today, rising back above the 0.8700 level for the first time in a week. The pair is trading near the highs set in mid April and late February. $EUR $GBP https://t.co/RSkMhvLQEQ
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.31% 🇦🇺AUD: 0.29% 🇨🇦CAD: 0.10% 🇬🇧GBP: 0.06% 🇨🇭CHF: 0.06% 🇯🇵JPY: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/OODkBySEaS
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: US 500: 0.66% Wall Street: 0.42% FTSE 100: -0.13% France 40: -0.28% Germany 30: -0.46% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/0PTPoUF2Jz
  • #Gold has slipped to its lowest level since Tuesday today. After meeting resistance around 1,795 this morning, the precious metal fell back to trade near the 1,770 level. $XAU $GLD https://t.co/tOiSk0n6t5
  • Biden’s proposed tax hike sees investors unload profitable assets. Bitcoin intensifies losses, falls below $50,000. Get your $btc market update from @Daniela here:https://t.co/pkHFvFotbz https://t.co/1R7T4HpfQX
  • With the US data beating expectations, we have all of the major developed world economies reporting April PMIs with a significant improvement in economic activity for the current month. Seems only black swans and regulations can stop the train now... https://t.co/HpOW5ul5YW
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.92% Gold: -0.24% Silver: -0.29% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/ck2iRms5Hp
  • Heads Up:💶 ECB President Lagarde Speech due at 14:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-04-23
EUR/JPY in Free Fall Ahead of BoJ- Bearish Sub 134

EUR/JPY in Free Fall Ahead of BoJ- Bearish Sub 134

Michael Boutros, Strategist

Talking Points

EURJPY Daily

EUR/JPY in Free Fall Ahead of BoJ- Bearish Sub 134

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • EURJPY breaks below monthly open / opening range- Bearish
  • Targeting 61.8% retracement at 131.80 & key support confluence 131.23
  • Shorts favored below today’s high at 133.54- bearish invalidation
  • Breach above monthly open at 133.97 needed to shift focus higher
  • Daily RSI support trigger break / break sub-40 – bearish
  • Key Event Risk Ahead: Japan Industrial Production tonight and Jobless Rate & CPI on Thursday followed by the BoJ

EURJPY 30min

EUR/JPY in Free Fall Ahead of BoJ- Bearish Sub 134

Notes: EURJPY is trading within the confines of a well-defined descending pitchfork off the October 14th high with today’s FOMC sell-off rebounding off the median line into the close of U.S. trade. The focus remains weighted to the downside while within this formation / 133.54 with a near-term support confluence seen just lower at 131.80. Key support rests with the 100% extension of the decline off the June high at 131.23.

Bottom line: looking to sell rallies / short triggers while below today’s high with a breach above 133.89/97 needed to shift the focus back to the long-side of the pair. A quarter of the daily ATR yields profit targets of 25-28pips per scalp. Caution is warranted heading into the end of week / month with key data out of Japan & the BoJ monetary policy decision likely to fuel added volatility in yen crosses.

For updates on this scalp and more setups throughout the week subscribe to SB Trade Desk

Relevant Data Releases Next Week

EUR/JPY in Free Fall Ahead of BoJ- Bearish Sub 134

Other Setups in Play:

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

Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list

Join Michael for Live Scalping Webinars on Mondays on DailyFX and Tuesday, Wednesday & Thursday’s on SB Trade Deskat 12:30 GMT (8:30ET)

Struggling with your strategy? Here’s the number one mistake to avoid

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

DISCLOSURES