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
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
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
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
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Forex sentiment analysis can be a useful tool to help traders understand and act on price behavior. Learn how to get the most out of understanding trader sentiment here: https://t.co/rJznrXkcYz https://t.co/FPgZ5gkgrM
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/E0KhcKHrOf
  • For some reason an old story has popped up - many apologies.... https://t.co/jHjQxyFRXM
  • The US dollar is unloved, oversold and at lows last seen over 30-months ago. At the moment there seems to be very little reason to buy the greenback. Get your $USD market update from @nickcawley1 here:https://t.co/VY3SLs35cp https://t.co/w5ljByv9cf
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here: https://t.co/lZFM8youtX https://t.co/CpqePQYF4E
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/Rg2YGZCUCr
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here: https://t.co/yOUVEEqhc5 https://t.co/ftrbRkFiJF
  • Human error in the forex market is common and often leads to familiar trading mistakes. These trading mistakes crop up particularly with novice traders on a regular basis. Learn about the top ten trading mistakes and how you can avoid them here: https://t.co/i8E2AXtzF3 https://t.co/Hny2HMYo4I
  • (Weekly Fundamental) Australian Dollar Outlook: Tied to Biden Stimulus Bets, S&P 500, US Dollar, Treasuries $AUDUSD #SP500 #stimulusbill #USD https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/01/16/Australian-Dollar-Outlook-Tied-to-Biden-Stimulus-Bets-SP-500-US-Dollar-Treasuries.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/H7aus0Aljt
  • The inside bar pattern occurs regularly within financial markets. Incorporating the inside bar strategy can enhance a trader's market analysis. Find out how more here: https://t.co/E3EWOYTYNw https://t.co/7zI3p6UNVs
USD/JPY Risks Further Losses on Dovish Yellen Testimony

USD/JPY Risks Further Losses on Dovish Yellen Testimony

2016-06-17 22:36:00
David Song, Strategist
USD/JPY Risks Further Losses on Dovish Yellen Testimony

Fundamental Forecast for JPY: Bullish

For more updates, sign up for David's e-mail distribution list.

Beyond the U.K. Referendum, the semi-annual Humphrey-Hawkins Testimony with Fed Chair Janet Yellen may largely influence USD/JPY in the week ahead as market participants weigh the outlook for monetary policy.

Indeed, the Federal Open Market Committee (FOMC) appears to be on course to further delay its normalization cycle as central bank officials curb their growth outlook and project a more shallow path for the benchmark interest rate. Recent remarks by St. Louis Fed President James Bullard suggest the central bank remains in no rush to implement higher borrowing-costs as the 2016 voting-member sees one rate-hike over the policy horizon, and the FOMC may unanimously endorse a neutral stance over the coming months as the economic outlook remains clouded with high uncertainty.

In turn, Fed Funds Futures now show a less than 20% probability for a rate-hike in July, and market participants may continue to push out bets for higher borrowing-costs should Chair Yellen highlight a more cautious outlook in front of Congress. At the same time, waning demand for large-ticket items may further undermine Fed expectations for a ‘consumer-led’ recovery in 2016 as U.S. Durable Goods Orders are anticipated to contract 0.4% in May, and a weak data print may spur near-term headwinds for the greenback as it weighs on interest-rate expectations.

With that said, another leg lower in USD/JPY may fuel speculation for a currency intervention as Japanese officials favor a stable exchange rate, but the Bank of Japan (BoJ) may stick to the sidelines at the next interest-rate decision on July 29 as Governor Haruhiko Kuroda and Co. continue to monitor the impact of the negative interest rate policy (NIRP) on the real economy. As a result, the BoJ’s wait-and-see approach may continue to heighten the appeal of the Yen especially as Japan returns to its historical role as a net-lender to the global economy.

USD/JPY Risks Further Losses on Dovish Yellen Testimony

The failure to hold above near-term support around 104.80 (78.6% expansion) to 105.30 (50% retracement) raises the risk for a further decline in USD/JPY, and the pair stands at risk of carving fresh 2016 lows over the coming days as the bearish momentum gathers pace, with Relative Strength Index (RSI) slipping into oversold territory for the first time since April.

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

DISCLOSURES