Skip to content
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
Oil - US Crude
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
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
More View more
USD/JPY Eyes Key 2017 Resistance Hurdle Ahead of NFP Report

USD/JPY Eyes Key 2017 Resistance Hurdle Ahead of NFP Report

Michael Boutros, Strategist

To receive Michael’s analysis directly via email, please SIGN UP HERE

USD/JPY Daily Chart

USD/JPY Price Chart - Daily Timeframe

Technical Outlook:USD/JPY is trading just below a critical resistance barrier at 114.30/50- a region defined by the 61.8% retracement of the yearly range and the May and July swing highs. The focus is on this key threshold heading into tomorrow’s U.S. Non-Farm Payrolls (NFP) report and the November open.

New to Forex? Get started with this Free Beginners Guide

Daily support rests back at the October open at 112.65 with broader bullish invalidation down at 111.60/72 (key support confluence). A breach higher from here targets 115.44/52 where the 61.8% retracement of the broader 2015 decline converges on the 61.8% extension of the advance off the September lows. Subsequent targets eyed at the yearly open at 116.98 which converges on the 50-line later this month.

Why does the average trader lose? Avoid these Mistakes in your trading

USD/JPY 240min Chart

USD/JPY Price Chart - 240min Timeframe

Notes: A closer look at price action highlights a near-term ascending median-line formation extending off August & September lows with price opening the month just below key resistance. From a trading standpoint, the immediate advance remains vulnerable while below this threshold with near-term support eyed at 113.05. A break below the October open at 112.64 would be needed to validate a near-term reversal with such a scenario targeting initial support objectives at 111.73 & 110.67/82.

Bottom line: the immediate focus is on a break of the 113-114.50 range to offer guidance on our medium-term directional bias. Ultimately a lager pullback would offer more favorable long-entries lower down.

Join Michael on Friday for his bi-weekly Live Webinar on the Foundations of Technical Analysis- Register for Free Here!

USD/JPY Client Sentiment
  • A summary of IG Client Sentiment shows traders are net-short USDJPY- the ratio stands at -1.3 (43.5% of traders are long) – Weak bullishreading
  • Long positions are 18.8% lower than yesterday and 14.7% lower from last week
  • Short positions are 3.3% higher than yesterday and 3.4% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests USDJPY prices may continue to rise. Traders are further net-short than yesterday and last week, and the combination of current positioning and recent changes gives us a stronger USDJPY-bullish contrarian trading bias from a sentiment standpoint.

See how shifts in USD/JPY retail positioning are impacting trend- Click here to learn more about sentiment!


Relevant Data Releases

USD/JPY Economic Calendar

Check out this week’s DailyFX Webinar Schedule

Other Setups in Play

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex or contact him at

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