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. See our updated Privacy Policy here.



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
Please try again
More View more
Real Time News
  • Heads Up:🇨🇭 Balance of Trade (SEP) due at 06:00 GMT (15min) Previous: CHF4.5B
  • Heads Up:🇨🇳 FDI (YTD) YoY (SEP) due at 06:00 GMT (15min) Previous: 22.3%
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here:
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.84%, while traders in GBP/JPY are at opposite extremes with 76.20%. See the summary chart below and full details and charts on DailyFX:
  • 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:
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.58% 🇦🇺AUD: 0.56% 🇪🇺EUR: 0.35% 🇨🇦CAD: 0.29% 🇬🇧GBP: 0.29% 🇯🇵JPY: 0.18% View the performance of all markets via
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: France 40: 0.15% Germany 30: 0.13% FTSE 100: 0.09% US 500: 0.01% Wall Street: -0.04% View the performance of all markets via
  • Further your forex knowledge and gain insights from our expert analysts @ddubrovskyFX and @FxWestwater on JPY with our free Q4 market analysis guide, available for free today.
  • The Fed 2022 rate forecast is at nosebleed levels, but the Dollar still isn't following along. Will it be drug lower if the outlook sours? And what will happen to the S&P 500 as it closes back in on its record high?
  • Markets move in cycles, and stocks do too, with certain sectors carrying more attraction in various backdrops. Learn more here:
USD/JPY Eyes Technical Support Ahead of NFPs

USD/JPY Eyes Technical Support Ahead of NFPs

Michael Boutros, Strategist

Talking Points

  • USDJPY shorts at risk ahead of NFP
  • Updated targets & invalidation

USDJPY 30min

USD/JPY Eyes Technical Support Ahead of NFPs

Chart prepared by Michael Boutros

Technical Outlook: We’ve been tracking this decline since the start of the week on SB Trade Desk and the focus is now on support at the lower median-line parallel which converges on the 50% retracement heading into tomorrow’s U.S. Non-Farm Payrolls release. Note that we’ve been marking some divergence into these lows leaving the immediate short-bias vulnerable while above 108.40/49. Interim resistance stands at 109.10 with our near-term bearish invalidation level set 109.69.

A break lower keeps the short-bias in play targeting the key 61.8% retracement at 107.79. Added caution is warranted heading into the release with the data likely to fuel increased volatility in USD crosses. From a trading standpoint, I would be looking to sell a rally towards the median-line, or on a break-and-test of support as resistance. Continue to track this setup and more throughout the week on SB Trade Desk.

Avoid the pitfalls of near-term trading strategies by steering clear of classic mistakes. Review these principles in the "Traits of SuccessfulTraders” series.

USD/JPY Eyes Technical Support Ahead of NFPs
  • A summary of the DailyFX Speculative Sentiment Index (SSI)shows traders are net long USDJPY- the ratio stands at +2.15(68% of traders are long)-bearishreading
  • Yesterday the ratio was +2.08; Long positions are 9.3% higher than yesterday and a full 22.6% above levels seen last week
  • Open interest is 8.2% higher than yesterday and 6.3% above its monthly average
  • SSI has been net long since January 29th & the recent increase in long positioning along an increase in open interest continues to affirm the broader short-bias. That said, it’s important to note that sharp spikes in SSI have often been accompanied by near-term recoveries in price before continuing lower. Heading into the release tomorrow, the risk remains for a recovery higher which could ultimately offer more favorable short-entries.

Relevant Data Releases This Week

USD/JPY Eyes Technical Support Ahead of NFPs

Other Setups in Play:

Looking for more trade ideas? Review DailyFX’s Top Trading Opportunity of 2016

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

Follow Michaelon Twitter @MBForex contact him at 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 Desk at 12:30 GMT (8:30ET)

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