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
Oil - US Crude
Bearish
Wall Street
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
Gold
Bullish
GBP/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
USD/JPY
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
More View more
Real Time News
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/yF133btXFd https://t.co/rUp1G9zzxj
  • #SPX futures down over 1.5% too, echoing risk-off bias https://t.co/Z0n4L156tl
  • MARKET SNAPSHOT: #ASX200 modestly higher in early trade but #Nikkei futures down over 2.5% before Tokyo trading open. #USD and #JPY leading the way higher in G10 FX, hinting at risk-off tilt, but #AUD and #NZD recovering from earlier losses
  • While Sino-US trade jitters are temporarily abating, China-Swedish trade tensions are rising as a part of a political contagion of growing economic hostilities between nations across the world. Get your market update from @ZabelinDimitri here:https://t.co/F1fVoyzoz5 https://t.co/Nij6senHVx
  • RT @DanielGMoss: Strong risk-off tilt to start a new trading week $USD & $JPY noticeably higher as #CrudeOil continues to capitulate http…
  • LIVE NOW: In this session, Strategist @DavidJSong will discuss trading strategies for the top event risk in the week ahead. https://www.dailyfx.com/webinars/175202251
  • Market update: #JPY a little over 0.5% higher vs #SEK #AUD and #CAD [delayed].
  • Trump says the peak on the death rate from the coronavirus will likely hit in 2 weeks. He added that virus guidelines will be extended to April 30 (BBG)
  • US equity futures down 2.2% at the open (BBG) #Coronavirus
  • Trump: We are unleashing every tool in our nation's vast arsenal: economic, medical, scientific...Military is working "very very hard with all of them"
Japanese Yen Poised for Larger Correction- Looking for Higher Low

Japanese Yen Poised for Larger Correction- Looking for Higher Low

2014-01-10 22:53:00
David Song, Strategist
Share:
Japanese_Yen_Poised_for_Larger_Correction-_Looking_for_Higher_Low_body_Picture_1.png, Japanese Yen Poised for Larger Correction- Looking for Higher Low

Fundamental Forecast for Japanese Yen: Neutral

The USDJPY looks poised for a larger pullback as it fails to maintain the bullish trend from back in October, and the pair may ultimately probe below the 102.00 handle as the dismal Non-Farm Payrolls report dampens the outlook for the dollar.

Indeed, a more pronounced slowdown in the U.S. recovery may prompt a further delay in the Federal Open Market Committee’s (FOMC) exit strategy, and the fundamental developments coming out of the world’s largest economy may continue to drive the exchange rate lower as a growing number of central bank officials show a greater concern for disinflation.

However, the widening trade deficit in Japan may limit the downside risk for the USDJPY as it dampens the prospects for an export-led recovery, and the Bank of Japan (BoJ) may come under increased pressure to further embark on its easing cycle as the weakening outlook for growth undermines Governor Haruhiko Kuroda’s pledge to achieve the 2% target for inflation by 2015. In turn, BoJ board member Sayuri Shirai, one of the three dissenters at the December 19 meeting, recently argued that ‘additional monetary easing measures should be taken without hesitation so as not to jeopardize the BoJ’s credibility,’ and we may see a growing rift within the central bank as the region faces a slowing recovery.

With that said, we will retain a long-term bullish bias on the USDJPY amid the deviation in the policy outlook, and the near-term correction may ultimately generate a higher low in the exchange rate as it carves a higher high coming into 2014. As a result, the December low (101.61) may come back into play as we look for a higher low, and will look to ‘buy dips’ once the correction is over as it preserves the upward trend carried over from 2013. -DS

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

DISCLOSURES

News & Analysis at your fingertips.