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
GBP/USD
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
More View more
Real Time News
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am ET on DailyFX! https://t.co/lxd5fZ5LG7
  • (Weekly Fundy) Crude Oil May Rise as Covid Case Growth Slows. WTI Eyes OPEC Outlook, Evergrande #CrudeOil #WTI #OPEC #Evergrande https://www.dailyfx.com/forex/fundamental/forecast/weekly/title/2021/09/26/Crude-Oil-May-Rise-as-Covid-Case-Growth-Slows-WTI-Eyes-OPEC-Outlook-Evergrande.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/76e2aGf3p0
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4Cnoc1dk0 https://t.co/NhsMS1EY4b
  • We are heading into the final trading days for the month of September and event risk thins out amid the $SPX's rebound. This is what history says for the 39th week of the year and here is my take on the variable factors: https://www.dailyfx.com/forex/video/daily_news_report/2021/09/25/SP-500-and-Dollar-Have-Different-Views-for-Last-Week-of-September.html https://t.co/4OBVmrvI7I
  • Further your forex knowledge and gain insights from our expert analysts on AUD with our free guide, available today: https://www.dailyfx.com/free-trading-guides?ref-author=social#forecastschoices=AUD?QPID=30472&CHID=9 https://t.co/LHJi7CNFmM
  • $EURUSD https://t.co/KZyXX6p2oI
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Find out about the recent history of ISM data, how to track it, and how to trade its release here: https://t.co/MZtBh8pYG3 https://t.co/1zNf5dpDjU
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here: https://t.co/vg7w10la3j https://t.co/z8z6BNudn5
  • #PELOSI SAYS WE ARE GOING TO PASS THE INFRASTRUCTURE BILL THIS WEEK PELOSI SAYS SHE WILL NEVER BRING TO THE HOUSE FLOOR A BILL THAT DOESN'T HAVE THE VOTES TO PASS $USD $SPX $XAUUSD
  • Short-term uncertainties to keep the pressure on equity markets. Get your weekly equities forecast from @JMcQueenFX here: https://t.co/JLMDPZKvN8 https://t.co/YbdJnwoqj1
USD/JPY Technical Outlook: Price Rally Approaching Critical Resistance

USD/JPY Technical Outlook: Price Rally Approaching Critical Resistance

Michael Boutros, Strategist

The Japanese Yen has fallen (USD/JPY up) nearly 3% from the May extremes with the price now approaching an area of technical significance. These are the updated intraday targets & invalidations levels that matter on the USD/JPY price charts.Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.

USD/JPY Daily Price Chart

USD/JPY Daily Price Chart

Technical Outlook: In last week’s Technical Perspective on the Japanese Yen, we noted that USD/JPY had continued to consolidate just below a, “key resistance range at 110.88-111.65- a region defined by the 61.8% retracement of the November sell-off and the 50% of the broader decline off the late-2016 high.” Note that basic slope resistance extending off the 2017 high and the 50-line of the operative ascending pitchfork formation converge on this upper bounds and further highlight the technical significance of this level.

Initial daily support now rests at 110.70 with bullish invalidation now raised to the 200- day moving average / 50-line around ~110. A breach / close above 111.62 would be needed to keep the long-bias viable with such a scenario targeting the 2018 open at 112.65 backed by the 61.38% retracement at 113.27.

New to Forex Trading? Get started with this Free Beginners Guide

USD/JPY 240min Price Chart

USD/JPY 240min Price Chart

Notes: closer look at USD/JPY price action shows the pair approaching the May highs at 111.40 with intraday RSI deep in overbought territory. The immediate threat remains higher but we’re on the lookout for a reaction on a move into confluence resistance at 111.62 – area of interest for possible exhaustion / short entries.

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

Bottom line: We’re looking for exhaustion on a stretch into this key resistance zone in the days ahead. Look for a break below the weekly opening-range lows to get this going with a drop sub-110.04 needed to suggest a more significant high is in place.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

USD/JPY Trader Positioning

USD/JPY Trader Sentiment
  • A summary of IG Client Sentiment shows traders are net-short the USD/JPY- the ratio stands at +-1.33 (42.9% of traders are long) – bullish reading
  • Traders have remained net-short since June 28th; price has moved 0.9% higher since then
  • Long positions are 5.5% lower than yesterday and 3.0% lower from last week
  • Short positions are11.9% higher than yesterday and 10.4% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests USD/JPY 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 USD/JPY-bullish contrarian trading bias from a sentiment standpoint.

See how shifts in USD/JPY retail positioning are impacting trend- Learn more about sentiment!

---

Relevant USD/JPY Data Releases

USD/JPY Economic Calendar

Economic Calendar - latest economic developments and upcoming event risk

Other Setups in Play

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael 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