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
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
GBP/USD
Mixed
USD/JPY
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
Gold
Bullish
Oil - US Crude
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
Bitcoin
Bullish
More View more
Real Time News
  • The #Euro is grinding through support guiding the four-month upswing against the US Dollar, hinting that resumption of the broader downtrend may be around the corner. Get your market update from @IlyaSpivak here: https://t.co/lHhewnDqCf https://t.co/knIYvGF2cr
  • EUR/USD Technical Analysis: Euro Downtrend May Have Restarted - https://www.dailyfx.com/forex/technical/home/analysis/eur-usd/2020/01/24/EURUSD-Technical-Analysis-Euro-Downtrend-May-Have-Restarted.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #EURUSD #technicalanalysis https://t.co/AbwUdLh4mt
  • The Japanese Yen has faded into 2020 as market risk appetite has held up and hit demand for haven assets. $USDJPY now challenges a key medium-term downtrend, but hasn’t topped it yet.Get your market update from @DavidCottleFX here:https://t.co/4X6vgCgkB7 https://t.co/tkgAOlDdtU
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.06% Gold: -0.10% Silver: -0.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/LwLCxnO6eM
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.06% 🇯🇵JPY: 0.03% 🇬🇧GBP: -0.00% 🇨🇦CAD: -0.01% 🇪🇺EUR: -0.03% 🇨🇭CHF: -0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/UT2Vl3reju
  • The US Dollar rose as the Singapore Dollar, Malaysian Ringgit and Philippine Peso fell on #Coronavirus fears. What is the technical outlook for $USDIDR, $USDSGD, $USDMYR and $USDPHP? #ASEAN - https://www.dailyfx.com/forex/technical/article/special_report/2020/01/24/USDIDR-USDSGD-USDMYR-USDPHP-Coronavirus-Impact-on-Trends.html?CHID=9&QPID=917702 https://t.co/hCnmsObRuS
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.22%, while traders in US 500 are at opposite extremes with 76.20%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/x0bKaNAhmU
  • The $USD may fall against the Swedish Krona and Norwegian Krone if commentary from officials at the Davos forum uplift market mood and pressure haven-linked currencies. Get your market update from @ZabelinDimitri here:https://t.co/SZAG0yMu3d https://t.co/CY7vQwuEL1
  • So far this week, #GBP has been the best-performing #G10 currency against #USD with +0.78% spot-returns while #NOK has been the worst with -0.96% [delayed]
  • 🇳🇿 NZD Credit Card Spending (YoY) (DEC), Actual: 3.4% Expected: N/A Previous: 4.5% https://www.dailyfx.com/economic-calendar#2020-01-24
Japanese Yen Price Outlook: Weekly Reversal Threatens More USD Losses

Japanese Yen Price Outlook: Weekly Reversal Threatens More USD Losses

2019-10-04 17:00:00
Michael Boutros, Technical Strategist
Share:

The Japanese Yen marked a three-day losing streak against the US Dollar yesterday with price down more than 1% this week. USD/JPY posted a range of more than 1.6% off the weekly highs with a reversal pattern off key technical resistance threatening further losses. These are the updated targets and invalidation levels that matter on the USD/JPY price charts this week.

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

Japanese Yen Price Chart – USD/JPY Weekly

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

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

Notes: In my last Japanese Yen Price Outlook we noted that, “The recent reversal pattern off downtrend resistance risks further losses for USD/JPY while below 108.18.” Price fell more than 0.9% in the following days to register a low at 106.48 before rebounding post-NFPs on Friday. This week’s decline is poised to mark an outside weekly-reversal off confluence resistance and keeps the risk weighted to the downside in USD/JPY.

Key support rests at 105.99-106.25- a region defined by the 61.8% retracement of the august advance and the yearly low-week reversal close. A close / break below this threshold is needed to mark resumption of the broader downtrend targeting the 2018 lows at 104.63. Resistance steady at 108.42 with broader bearish invalidation at 109.36/68 (critical).

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 poised to set an outside weekly reversal off slope resistance – we’re coming into near-term downtrend support here, but the risk remains lower. From a trading standpoint, look to fade strength next week for a more significant reaction on a deeper stretch towards 106 IF reached. Review my latest Japanese Yen Price Outlook for a closer look at the near-term USD/JPY technical trading levels.

Japanese Yen Trader Sentiment - USD/JPY Price Chart

Japanese Yen Trader Sentiment - USD/JPY Price Chart - US Dollar vs Japanese Yen Trade Outlook
  • A summary of IG Client Sentiment shows traders are net-long USD/JPY - the ratio stands at +1.34 (57.20% of traders are long) – weak bearish reading
  • Long positions are 4.14% lower than yesterday and 6.57% higher from last week
  • Short positions are 2.02% lower than yesterday and 4.15% 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. Traders are less net-long than yesterday but more net-long from last week andthe combination of current positioning and recent changes gives us a further mixed USD/JPY trading bias from a sentiment standpoint.

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

---

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.