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
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
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
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Gold: 0.25% Oil - US Crude: 0.21% Silver: 0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/DGtzbHsIac
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/cC80QLzTNk
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.26% 🇨🇭CHF: 0.17% 🇪🇺EUR: 0.14% 🇳🇿NZD: -0.07% 🇦🇺AUD: -0.10% 🇨🇦CAD: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/NIonmU6Z9P
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.98% France 40: 0.80% FTSE 100: 0.61% Wall Street: 0.09% US 500: 0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/CehidrXOWz
  • 🇫🇷 Industrial Production MoM (MAR) Actual: 0.8% Expected: 2% Previous: -4.8% https://www.dailyfx.com/economic-calendar#2021-05-07
  • 🇫🇷 Balance of Trade (MAR) Actual: €-6.1B Previous: €-5.1B https://www.dailyfx.com/economic-calendar#2021-05-07
  • Heads Up:🇫🇷 Industrial Production MoM (MAR) due at 06:45 GMT (15min) Expected: 2% Previous: -4.7% https://www.dailyfx.com/economic-calendar#2021-05-07
  • Heads Up:🇫🇷 Balance of Trade (MAR) due at 06:45 GMT (15min) Previous: €-5.25B https://www.dailyfx.com/economic-calendar#2021-05-07
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/ilnT7Y1iKX
  • 🇩🇪 Balance of Trade s.a (MAR) Actual: €14.3B Expected: €19.5B Previous: €18.9B https://www.dailyfx.com/economic-calendar#2021-05-07
USD/JPY Testing Uptrend Resistance- Key NFP Levels

USD/JPY Testing Uptrend Resistance- Key NFP Levels

Michael Boutros, Strategist

Talking Points

USDJPY Daily

USD/JPY Testing Uptrend Resistance- Key NFP Levels

Chart Created Using FXCM Marketscope 2.0

Broader Technical Outlook

USDJPY is approaching initial resistance after breaking out of the descending pitchfork formation off last month’s high. The resistance zone is defined by the 100% extension of the advance off the October low & the 76.4% retracement of the decline off the 2015 high at 123.42/54.

The immediate topside bias is at risk below this threshold with our bullish invalidation level set along a near-term median-line support structure (see below). A breach higher targets a more significant resistance confluence at 124.06/13 backed by the June 8th reversal-day close at 124.46.

USDJPY30min

USD/JPY Testing Uptrend Resistance- Key NFP Levels

Notes:The pair has been trading within the confines of a well-defined pitchfork formation off last week’s lows with the rally now extending into confluence resistance at the 88.6% retracement- 123.58. At risk for a pullback from these levels with a break below the median-line / 123.25 needed to invalidate the immediate topside bias. The broader trade remains constructive above 122.97 / channel support.

A breach of highs eyes initial targets at the November high at 123.75 and the 124.06/13 Fibonacci confluence region. Note that the momentum signature remains constructive and we’ll be looking for a pullback to offer favorable long entries / resistance triggers. A quarter of the daily average true range (ATR) yields profit targets of just 16-18pips per scalp, but expect this range to widen as we head into significant event risk later this week with ISM Non-Manufacturing, Factory Orders, Durable Goods Orders and Non-Farm Payrolls on tap over the next 48hours .

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

Relevant Data Releases Next Week

USD/JPY Testing Uptrend Resistance- Key NFP Levels

Other Setups in Play:

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

Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or ClickHere 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