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
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
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
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • 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: https://t.co/NpC1D8y4Aa https://t.co/Q7TcbrYXjl
  • #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: https://t.co/7p3jPx6nQd https://t.co/yxymjCHti6
  • 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:https://t.co/A4dqGMPylo https://t.co/yZzArpGs2h
  • 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: https://t.co/WjU4oYpmf7 https://t.co/VcNnCjm0B2
  • 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: https://t.co/JdvW6HNuqV https://t.co/AiLoS7DrEQ
  • 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: https://t.co/3Wked6GBOp https://t.co/HicBmGrokK
  • 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:https://t.co/7kPzAoNoLG https://t.co/5lbyBJeeA7
  • 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: https://t.co/lAFyv1gM0P https://t.co/ubLimoYAcr
  • What is the outlook for financial markets ahead of the first presidential debate and how are Democratic nominee Joe Biden and President Donald Trump doing in the polls? Find out from @ZabelinDimitri here:https://t.co/QQwAZTxZFg https://t.co/4cRhRCiv3C
  • The US Dollar could gain as it forms bullish technical formations against the Singapore Dollar and Malaysian Ringgit. USD/PHP may have bottomed, will USD/IDR rise next? Find out from @ddubrovskyFX here:https://t.co/3UIKmbLIvD https://t.co/PY2YyH4vkQ
EUR/JPY Primed for BoJ - Levels to Know

EUR/JPY Primed for BoJ - Levels to Know

2016-07-28 17:30:00
Michael Boutros, Strategist
Share:
  • EUR/JPY responds to support head of BoJ- Constructive above 114.65
  • Updated targets & invalidation levels

EURJPY Daily

EUR/JPY Primed for BoJ - Levels to Know

Chart Created Using TradingView

Broader Technical Outlook: We’ve been tracking this EURJPY setup over the last few weeks on SB Trade Desk with the breach abovethe July opening range high on building divergence shifting the focus higher in the pair. Note that this rally takes the pair back above former median-line support of a formation dating back to the 2013 high.

The pair made a successful defense of key support this week at the confluence of the lower parallel, the 50% retracement of the monthly range & the July open at 114.57/64. For now, I’m working under the assumption that EURJPY may have put in a significant low this month and we’ll continue to reserve this region as our near-term bullish invalidation level. Interim resistance stands at the monthly high-day close at 116.66 with key near-term resistance eyed at 118.55 with a breach there targeting subsequent topside objectives at 119.86, the 100DMA at 121.24 & the median-line (~122.60).

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

EURJPY 30min

EUR/JPY Primed for BoJ - Levels to Know

Notes: The pair has continued to trade within the confines of a well-defined descending channel formation extending off the monthly highs with the immediate long-bias at risk near-term sub-116.41. From a trading standpoint, I would be looking for a move lower to offer more favorable long-entries with initial support seen at 115.80 backed by 115.48- a level of interest for possible exhaustion / long entries.

A breach above near-term confluence resistance targets subsequent topside objectives at 116.66, 117.12 & 117.52. More significant resistance is seen into the monthly high at 118.40. A quarter of the daily average true range (ATR) yields profit targets of 46-49 pips per scalp. Added caution is warranted heading into the Bank of Japan (BoJ) interest rate decision tonight with the release likely to fuel added volatility in JPY crosses heading into the close of the week / month. Continue tracking this setup and more throughout the week- Subscribe to SB Trade Desk and take advantage of the DailyFX New Subscriber Discount.

Help fine-tune you entries, click here to learn more about the DailyFX Grid Sight Index (GSI)

Relevant Data Releases

EUR/JPY Primed for BoJ - Levels to Know

Other Setups in Play:

Looking for trade ideas? Review DailyFX’s 2016 3Q Projections

---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 Desk at 12:30 GMT (8:30ET)

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

DISCLOSURES