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.

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
More View more
Real Time News
  • 🇲🇽 Business Confidence (JUL) Actual: 51.8 Previous: 52 https://www.dailyfx.com/economic-calendar#2021-08-02
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.94%, while traders in France 40 are at opposite extremes with 76.41%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/7m67VhGS8I
  • Heads Up:🇲🇽 Business Confidence (JUL) due at 11:00 GMT (15min) Previous: 52.3 https://www.dailyfx.com/economic-calendar#2021-08-02
  • 🇪🇸 Consumer Confidence (JUL) Actual: 91.9 Previous: 97.5 https://www.dailyfx.com/economic-calendar#2021-08-02
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Silver: -0.07% Gold: -0.33% Oil - US Crude: -1.46% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/N6GCFnvPQP
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.19% 🇪🇺EUR: 0.19% 🇯🇵JPY: 0.09% 🇨🇦CAD: 0.07% 🇬🇧GBP: 0.04% 🇨🇭CHF: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/0IJ0FZgbtF
  • Heads Up:🇪🇸 Consumer Confidence (JUL) due at 10:30 GMT (15min) Previous: 97.5 https://www.dailyfx.com/economic-calendar#2021-08-02
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.94% France 40: 0.76% US 500: 0.59% Wall Street: 0.49% Germany 30: 0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Dia7AhuAiT
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/TIMrjGGV1J
  • 🇿🇦 ABSA Manufacturing PMI (JUL) Actual: 43.5 Previous: 57.4 https://www.dailyfx.com/economic-calendar#2021-08-02
USD/JPY Flirts with Support- Bearish Sub 117

USD/JPY Flirts with Support- Bearish Sub 117

Michael Boutros, Strategist

Talking Points

  • USD/JPY Reveres ahead of monthly open- now testing key support
  • Updated targets & invalidation levels
  • Click Here to be added to Michael’s email distribution list.

USD/JPY Daily

USDJPY Daily Chart

Technical Outlook: USDJPY has set its weekly / monthly opening range just above slope support extending off the 2016 lows. A close below this region would suggest a more meaningful correction is underway with such a scenario targeting initial support targets at 114 & the 50-line (currently ~112.30). Interim resistance is eyed at the monthly open at 117 with a breach / close above 118.17 needed to mark resumption of the broader uptrend.

USD/JPY120min

USDJPY 120min Chart

Notes: The pair has been trading within the confines of a near-term descending pitchfork formation extending off the highs with today’s rally reversing sharply just ahead of the weekly / monthly opens. The focus remains lower while below today’s high with a break below last week’s low at 115.07 targeting more significant support zone at 113.99-114.15. Subsequent support targets are eyed at 113.47, the 50-line & the 1.618% at 111.80. A quarter of the daily average true range (ATR) yields profit targets of 30-34 pips per scalp. Added caution is warranted tomorrow with a string off Fed speakers on tap.

Relevant Data Releases

USD/JPY Flirts with Support- Bearish Sub 117

Other Setups in Play:

Looking for more trade ideas? Review DailyFX’s 20171Q Projections

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

Join Michael for Live Weekly Trading Webinars on Mondays on DailyFX at 13:30 GMT (8:30ET)

FollowMichael on Twitter @MBForex or contact him at mboutros@dailyfx.com

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

DISCLOSURES