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
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
Bearish
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • Gold slightly lower as equities, dollar put in mixed sessions $XAU $USD $DXY https://t.co/37c9N2gzgh
  • The $VIX can't continue to trace out this coasting pattern for long. Again, I don't usually throw technical analysis on indicators derived from underlying activity, but VIX has become a trading vehicle in its own right https://t.co/qBvMeOCmmW
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Silver: 0.31% Oil - US Crude: -0.08% Gold: -0.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/DpPoyNP5hl
  • After a strong breakout this summer, Gold prices have now spent almost six months digesting. Get your $XAUUSD market update from @JStanleyFX here:https://t.co/H7k5kv4N5i https://t.co/shvReKpe1U
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Germany 30 are at opposite extremes with 70.32%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ivQLPokYOs
  • The US Dollar is now trading lower again. After hitting an intraday low around 90.15, the $DXY rebounded to 90.25 but has turned toward again, falling back below 90.20. $USD https://t.co/xyglMBmakL
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: France 40: 0.14% Wall Street: 0.06% US 500: 0.03% Germany 30: 0.02% FTSE 100: -0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/SbFlX1iTdj
  • #Gold is consolidating slightly higher this week, around $1,850, after the precious metal's failed attempt at breaking above the $1,870 level last week. $XAU $GLD https://t.co/MyeWiBSQZR
  • US 10yr yields have notably tightened, falling from 1.10% yesterday to trade around 1.04% today. Yields still remain elevated in 2021 compared to earlier in the pandemic. $GOVT $IEF $USD https://t.co/uT27KDUkhM
  • Hey traders! Get your Tuesday market update from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/WPk9aapKhs
USD/JPY Exhaustion Shifts Focus to Uptrend Support

USD/JPY Exhaustion Shifts Focus to Uptrend Support

Michael Boutros, Strategist
  • USD/JPY outlook constructive above 101.65
  • Updatedtargets & invalidation levels
  • Looking for trade ideas? Check out DailyFX’s 2016 4Q Projections

USDJPY Daily

USD/JPY Daily Chart

Chart Created Using TradingView

Broader Technical Outlook:Last month we highlighted the risk of a washout lower in USDJPY with our focus weighted to the topside while above the August low-day close at 100.29. The subsequent low in price & reversal higher off this region has given shape to this advance with this ascending pitchfork off the lows keeping the broader focus higher while above confluence support at 101.64. A key resistance range is eyed at 104.47/86 where the 61.8% retracement, the 100% extension & a pair of median-lines converge.

USDJPY 120min

USD/JPY 120min Chart

Notes:The pair has continued to trade within the confines of the embedded ascending median-line structure featured in last week’s scalp report and we’ve continued to track this slope on SB Trade Desk. The advance has taken out targets into the 104-handle & the immediate focus remains higher while above 102.61/72. A break below this level would suggest a larger correction is underway with such a scenario eyeing 102.13 & key support at 101.64. From a trading standpoint, I’ll be looking to fade weakness into structural support with a breach higher targeting the upper median-line parallels at 104.47 & 104.86. A quarter of the daily average true range (ATR) yields profit targets of 28-32 pips per scalp.

With NY Fed President William Dudley as well as Kansas City Fed President Esther George (2016 voting-members) scheduled to speak ahead of the FOMC Minutes tomorrow, the fresh batch of commentary may spark increased volatility in USD/JPY especially as Chair Janet Yellen takes to the wires on Friday.On the data front, the key event risks are also up on Friday with U.S. Retail Sales as well as the U. of Michigan confidence survey on tap. 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

USD/JPY Exhaustion Shifts Focus to Uptrend Support

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

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

DISCLOSURES