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.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Bearish
USD/JPY
Bearish
Gold
Mixed
Oil - US Crude
Mixed
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
Bitcoin
Bearish
More View more
Real Time News
  • The spread of #coronavirus promises a global economic hit at a time when the global economy is perhaps especially ill-equipped to deal with one. Growth-correlated assets are vulnerable. Get your market update from @DavidCottleFX here: https://t.co/0If0Jw7c2P https://t.co/QA2fOFIODL
  • RT @Rob_Hager: Probability of 3 Fed Rate Cuts In 2020 - ⁦@SoberLook⁩ @Bloomberg https://t.co/UgNip6M5gH
  • The US Dollar may rise against the Malaysian #Ringgit after Prime Minister Mahathir Mohamad resigned. Bank of #Malaysia may cut rates on #coronavirus fears with fiscal stimulus uncertain #USD $USDMYR - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/02/25/US-Dollar-USDMYR-Outlook-Malaysia-Eyes-Coronavirus-Political-Risks.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/MMfqAAhnAP
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.67%, while traders in USD/CAD are at opposite extremes with 70.08%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/44UzibakR0
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.12% 🇬🇧GBP: 0.10% 🇪🇺EUR: 0.06% 🇳🇿NZD: -0.01% 🇨🇭CHF: -0.01% 🇯🇵JPY: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/zqLhZsBtvr
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: US 500: 0.87% Wall Street: 0.81% Germany 30: 0.73% France 40: 0.72% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/apOv16dKUW
  • Asia Pacific Equities Update: Nikkei 225 (-3.17%), Shanghai Composite (-2.00%), KOSPI (+1.05%), ASX 200 (-1.60%) [delayed]
  • Hey, traders 👋 do you want live AMAS with our analysts, market updates and tools to improve your trading strategy? Join us now on Instagram! 👉 https://t.co/pHGzVMqsC4 https://t.co/bnCFdQRxHu
  • I find my interest align with the Keto Diet when pork rinds and cracklins are involved
  • GBP/CAD has broken below the September uptrend while EUR/CAD may be ending its consecutive 12 day decline with EUR/CHF approaching key resistance as NZD/CAD aims at November lows. Get your currencies update from @ZabelinDimitri here: https://t.co/GpRB7IKhTA https://t.co/ThUcTZF4nz
Japanese Yen Weekly Price Outlook: USD/JPY Settles at Big Support

Japanese Yen Weekly Price Outlook: USD/JPY Settles at Big Support

2019-06-12 17:30:00
Michael Boutros, Technical Strategist
Share:

In this series we scale-back and look at the broader technical picture to gain a bit more perspective on where we are in trend. The US Dollar has fallen more than 3.5% against the Japanese Yen with price now testing a key technical support zone we’ve been tracking for months now. These are the updated targets and invalidation levels that matter on the USDJPY/USD weekly chart. Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.

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

USD/JPY Price Chart - Weekly

USD/JPY Price Chart - US Dollar vs Japanese Yen Weekly Outlook

Notes: USD/JPY is trading into a critical support zone we’ve been tracking for months now at 107.84-108.43- a region defined by the 61.8% retracement of the 2018 advance and the 2017 low-week close. A break below this key zone is needed to keep the bears in control targeting the 2013 trendline just above the 106-handle. Resistance stands with the objective yearly open at 109.68 backed by the high-week close at 111.54. Ultimately a breach above 112.43/59 would be needed to shift the broader focus back to the topside in USD/JPY.

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

Bottom line: USD/JPY is testing BIG support this week and the focus is on a reaction off this mark. Watch the weekly close – above 108.43 would leave the risk for a recovery towards the yearly open. Sub-107.84 risks further losses for the Dollar with such a scenario targeting multi-year slope support. From a trading standpoint, the risk for a near-term recovery here remains but we’ll be looking for a short-entries on a move towards the yearly open- ultimately favoring a downside break of this key zone.

Even the most seasoned traders need a reminder every now and then-Avoid these Mistakes in your trading

USD/JPY Trader Sentiment

USD/JPY Trader Sentiment - US Dollar vs Japanese Yen Price Chart - Techncial Forecast
  • A summary of IG Client Sentiment shows traders are net-long USD/JPY - the ratio stands at +2.22 (68.9% of traders are long) – bearish reading
  • Traders have remained net-long since May 3rd; price has moved 2.8% lower since then
  • Long positions are 1.4% lower than yesterday and 6.8% lower from last week
  • Short positions are 3.5% higher than yesterday and 10.6% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests USD/JPY prices may continue to fall. Yet traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current USD/JPY price trend may soon reverse higher despite the fact traders remain net-long.

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

---

Key US / Japan Data Releases

US / Japan Key Data Releases - USD/JPY

Economic Calendar - latest economic developments and upcoming event risk. Learn more about how we Trade the News in our Free Guide!

Previous Weekly Technical Charts

Learn how to Trade with Confidence in our Free Trading Guide

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

Follow Michael on Twitter @MBForex

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

DISCLOSURES

News & Analysis at your fingertips.