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
EUR/USD
Mixed
Oil - US Crude
Bullish
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/IRly5vINGA
  • Gold prices surged to a 14-week high as the 10-year Treasury yield fell for a third day. Inflation fears and viral resurgence bolstered the appeal of the yellow metal, as Chinese buyers returned to the market. https://www.dailyfx.com/forex/market_alert/2021/05/17/Gold-Prices-at-14-Week-High-as-Yields-Fall-Chinese-Buyers-Return.html https://t.co/0M7qQ73c65
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.68%, while traders in France 40 are at opposite extremes with 84.03%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/NoT4omixyH
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.03% 🇬🇧GBP: -0.07% 🇪🇺EUR: -0.11% 🇨🇦CAD: -0.23% 🇦🇺AUD: -0.40% 🇳🇿NZD: -0.48% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/GBc23P8NQJ
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: France 40: 0.17% Germany 30: -0.05% FTSE 100: -0.10% US 500: -0.28% Wall Street: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/zEojicMMU8
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/mfwJ0sZLTs https://t.co/zyTHSyUiMd
  • 🇹🇭 GDP Growth Rate QoQ (Q1) Actual: 0.2% Expected: -0.8% Previous: 1.3% https://www.dailyfx.com/economic-calendar#2021-05-17
  • 🇹🇭 GDP Growth Rate YoY (Q1) Actual: -2.6% Expected: -3.3% Previous: -4.2% https://www.dailyfx.com/economic-calendar#2021-05-17
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 0.63% Gold: 0.37% Oil - US Crude: 0.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/SnUeYQAKdi
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.02% 🇬🇧GBP: -0.11% 🇪🇺EUR: -0.11% 🇨🇦CAD: -0.24% 🇦🇺AUD: -0.35% 🇳🇿NZD: -0.39% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/d3OdjbE19m
Japanese Yen Price Targets: USD/JPY Breakout Pending- Trade Levels

Japanese Yen Price Targets: USD/JPY Breakout Pending- Trade Levels

Michael Boutros, Strategist

The Japanese Yen is down nearly 1% against the US Dollar this week with USD/JPY now testing near-term downtrend resistance. The immediate focus is on a break of a well-defined weekly opening range in price. These are the updated targets and invalidation levels that matter on the USD/JPY charts heading into the close of August trade. Review this week's Strategy Webinar for an in-depth breakdown of this silver price setup and more.

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

Yen Price Chart – USD/JPY Daily

Yen Price Chart - USD/JPY Daily - US Dollar vs Japanese Yen Trade Outlook - Technical Forecast

Chart Prepared by Michael Boutros, Technical Strategist; USD/JPY on Tradingview

Technical Outlook: In last month’s USD/JPY Price Outlook our ‘bottom line’ noted that we favored “fading a spike higher” as price was approaching downtrend resistance (109.42) at the upper parallel of the descending pitchfork formation we’ve been tracking off the yearly highs. USD/JPY registered a high at 109.31 into the start of the month before reversing sharply lower with the decline rebounding off parallel support this week.

Initial daily resistance stands with the median-line; a topside breach / close above the June lows at 106.78 is needed to suggest a more significant low was registered this week with such a scenario exposing the 75% parallel backed by the 2017 low-day close at 107.83. Key support rest with the lower parallel, which converges on the January lows at 104.65 – weakness beyond this threshold would likely see accelerated losses for the greenback targeting 103.48.

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

Yen Price Chart – USD/JPY 240min

Yen Price Chart - USD/JPY 240min - US Dollar vs Japanese Yen Trade Outlook - Technical Forecast

Chart Prepared by Michael Boutros, Technical Strategist; USD/JPY on Tradingview

Notes: A closer look at Yen price action sees USD/JPY trading within a well-defined weekly opening-range just below the median-line. A topside breach exposes subsequent resistance objectives at the June low at 106.78 backed by the Fibonacci confluence at 107.45/48 (61.8% retracement of the August range / 38.2% retracement of the 2019 yearly range) – look for a bigger reaction there IF reached.

Initial support rests with the May ow at 105.55 backed by the weekly open at 104.97. Ultimately a break below the yearly swing low at 104.65 is needed to mark resumption of the broader downtrend.

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 has set a clean weekly opening range just below downtrend resistance and we’re looking for the break for guidance on our near-term directional bias. From a trading standpoint, a good place to raise protective stops - we’re looking for a reaction here at the median-line. Ultimately a topside breach may offer more favorable short-entries closer to trend resistance. IF price fails here, look for a move below the May lows to validate a larger decline targeting the lower parallels. Review my latest Japanese Yen Weekly Price Outlook for a longer-term look at the technical picture for USD/JPY.

Japanese Yen Trader Sentiment – USD/JPY Price Chart

Japanese Yen Trader Sentiment - USD/JPY Price Chart - Trade Outlook -Technical Forecast
  • A summary of IG Client Sentiment shows traders are net-long USD/JPY - the ratio stands at +1.55 (60.7% of traders are long) – bearish reading
  • Traders have remained net-long since May 3rd; price has moved 4.9% lower since then
  • The percentage of traders net-long is now its lowest since July 29th
  • Long positions are 2.5% lower than yesterday and 3.7% lower from last week
  • Short positions are10.8% higher than yesterday and 15.7% 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 & compared with last week and the 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 / Japanese Data Releases

US / Japaense Economic Releases - USD/JPY Event Risk

Economic Calendar - latest economic developments and upcoming event risk.

Active Trade Setups

- Written by Michael Boutros, 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