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
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
More View more
Real Time News
  • Greed has proven to be a hindrance more than assistance for traders. How does greed impact your trading? Find out from @RichardSnowFX here: https://t.co/aT8TZjlFqP https://t.co/C4vrTm69sE
  • Central bank independence has several advantages and disadvantages. Find out what they are in-depth with @MartinSEssex here: https://t.co/wVFXbbTxf1 https://t.co/WkwZK6wtzy
  • The $GBPUSD may be carving out a 4-year bearish candlestick pattern as the $EURGBP downtrend prolongs. GBP/JPY may rise but be wary of #Brexit risks clouding technical analysis. Get your GBP market update from @ddubrovskyFX here: https://t.co/wzV4fygKWe https://t.co/hpDmrh0LLo
  • Get your technical setups for the British Pound ahead of the key #Brexit vote in Parliament this weekend here $GBPUSD $EURGBP $GBPJPY - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/10/19/GBPUSD-EURGBP-GBPJPY-Technical-Analysis-Amid-Brexit-Deal-Vote.html?CHID=9&QPID=917702 https://t.co/TBdvAY6GN2
  • The Australian Dollar could reverse gains if #Brexit is forced to be delayed. Global growth slowdown woes and other fundamental risks may also undermine $AUDUSD upside progress. Get your $AUD market update from @ddubrovskyFX here: https://t.co/VAs2C3cpQj https://t.co/9mqJ0DSLZZ
  • Here is my trading video for the week ahead: '$EURUSD, #Pound, Volatility - The Biggest Risks and Opportunities Ahead' https://www.dailyfx.com/forex/video/daily_news_report/2019/10/19/EURUSD-Pound-Volatility---The-Biggest-Risks-and-Opportunities-Ahead-.html
  • $GBPUSD is on the verge of pushing above five-year resistance. A break above with follow-through may precede considerable upside movement. Get your GBP/USD market update from @ZabelinDimitri here: https://t.co/0qfh7TRWJn https://t.co/GImIwuGodX
  • The $AUD may resume its downtrend while the #ASX 200 stock index powers higher as dovish monetary policy drives interest rates lower. Get your market update from @IlyaSpivak here: https://t.co/UPlHZrt6c2 https://t.co/EIIf9xackw
  • (Fundamental Forecast) Australian Dollar Could Wilt if Brexit Delayed, Growth Risks Hang $AUDUSD #Brexit - https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2019/10/19/Australian-Dollar-Could-Wilt-if-Brexit-Delayed-Growth-Risks-Hang.html?CHID=9&QPID=917702 https://t.co/2aOYhblN3g
  • The $USD faces selling pressure against the Malaysian Ringgit and Philippine Peso. More losses may be in store in $USDMYR as $USDPHP descends through rising support from 2013. Get your market update from @ddubrovskyFX here: https://t.co/t3kmFpmg1w https://t.co/miBrgxmtkA
Japanese Yen Price Targets: USD/JPY Breakout Pending- Trade Levels

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

2019-08-29 15:30:00
Michael Boutros, Technical 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.


News & Analysis at your fingertips.