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.

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
Bullish
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
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
Wall Street
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
Bearish
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.14%, while traders in EUR/USD are at opposite extremes with 69.34%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/QCLjR5fkOu
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: US 500: 1.13% Wall Street: 0.66% Germany 30: 0.04% FTSE 100: -0.01% France 40: -0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Swr0ndo7tu
  • $EURUSD is currently setting fresh intraday highs above the 1.2080 level, edging above the highs set earlier in the week to hit its highest level since early March. $EUR $USD https://t.co/wcARbp81Et
  • EUR/USD appears to be stuck in a narrow range as the European Central Bank (ECB) retains the current course for monetary policy. Get your $EURUSD market update from @DavidJSong here:https://t.co/UdgBEQ3MCi https://t.co/uwkNwc1Ikm
  • US Indices are stronger today, recovering from yesterday's selloff driven by capital gains tax headlines. DOW +0.68% SPX +1.17% NDX +1.53% RUT +1.49% $DIA $SPY $QQQ $IWM
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.02%, while traders in US 500 are at opposite extremes with 68.36%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/8OCSgtJeBx
  • there's a bullish channel in here the spans back to last year's q4 $EURJPY support side was tested this morning but bulls making a strong push back-above the 130 handle https://t.co/gHQtawE3BH https://t.co/3XU9kb72f5
  • $EURJPY has mostly been consolidating between the 129.50 and 130.50 levels in April, trading around its highest point since the fall of 2018. The pair hit a fresh multi year high just shy of the 131.00 level earlier this week. $EUR $JPY https://t.co/M9gO4rcOZh
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.68% Gold: -0.42% Silver: -0.66% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/cHoZ7KZRDX
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.46% 🇦🇺AUD: 0.35% 🇨🇭CHF: 0.21% 🇬🇧GBP: 0.07% 🇨🇦CAD: 0.06% 🇯🇵JPY: 0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ngF6ZwsVQk
G20 Gives Traders All-Clear to Sell Yen - Will Bank of Japan Comply?

G20 Gives Traders All-Clear to Sell Yen - Will Bank of Japan Comply?

David Rodriguez, Head of Product
G20_Gives_Traders_All-Clear_to_Sell_Yen_-_Will_Bank_of_Japan_Comply__body_Picture_1.png, G20 Gives Traders All-Clear to Sell Yen - Will Bank of Japan Comply?

G20 Gives Traders All-Clear to Sell Yen - Will Bank of Japan Comply?

Fundamental Forecast For Japanese Yen: Neutral

The Japanese Yen finally showed signs of life as it rallied strongly against the US Dollar and other major counterparts, but lack of action from a highly-anticipated G20 meeting gave traders the “green light” to continue selling into JPY weakness.

Price action across broader FX markets was especially indecisive in Yen pairs, but an important week of Japanese economic event risk gives hope we might see more definitive swings ahead. The JPY trades within rounding error of the psychologically critical ¥100 mark, and we get the sense that this might be the week it actually takes out the key threshold. All eyes turn to the Bank of Japan’s key interest rate decision on Thursday night/Friday morning, while the prior day’s Consumer Price Index inflation data could likewise elicit reactions from JPY pairs.

It is difficult to understate the significance of the Bank of Japan’s hyper-aggressive Quantitative Easing measures to date, but the dramatic Japanese Yen sell-off suggests traders will want to see a firm commitment to continued easing if it proves ineffective. Indeed, the BoJ trounced market expectations for QE in its March meeting and sent the domestic currency into a tailspin. But if their bombastic actions did anything, it set the stage for similarly lofty expectations for future rate decisions.

New to FX? Register for this free 20 minute course HERE and learn common FX terms like leverage and how to implement conservative amounts.

Keep an eye on JPY pairs leading into the BoJ rate announcement—especially if the USDJPY rallies further and trades to fresh multi-year highs ahead of the central bank meeting. Recent CFTC Commitment of Traders data shows that large speculators near their most net-short the Japanese Yen (long USDJPY) since it traded near ¥120 six years ago.

It’s questionable to expect the BoJ would announce further easing after obliterating market expectations for QE in March, but you have to wonder what they could say that could force further JPY losses. If history is any guide we could see some aggressively short speculators take profits ahead of the BoJ meeting and some Yen strength (USDJPY weakness). Predicting market reactions is an entirely different matter, of course, and we’ll keep a close eye on the next moves in the highly-volatile Yen.

Last week we wrote that our volatility-friendly breakout trading system stood to gain on sharp moves in JPY pairs, but choppy price moves made for difficult conditions for the price-following strategy. Past performance is not indicative of future results, but our back and forward-tests show that breakout trading tends to do well if FX options market volatility expectations remain high. It’s with that in mind that we like certain trade setups with our breakout system, but it will be important to keep trading leverage low on what promises to be another big week for the Japanese Yen. - DR

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

DISCLOSURES