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
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
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
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • #Bitcoin rebounding sharply, now up 8.8% today $BTC $USD https://t.co/UVAQTXGoec
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.04% Gold: -0.69% Silver: -1.67% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/FXJUOOmjE5
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Wall Street are at opposite extremes with 66.20%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/FcTW4GHbzZ
  • US 10yr Treasury yields have slipped back below 1.10 today, but remain notably higher compared to earlier in the pandemic $USD $IEF https://t.co/PYLCZGwPHt
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.31% France 40: 0.30% Germany 30: 0.23% US 500: -0.25% Wall Street: -0.40% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/079WIJ3r9O
  • $EURJPY had been heading higher today, crossing above 126.20 and hitting its highest levels since last week. $EUR $JPY https://t.co/bKsWiKxRmz
  • USD/CAD trending lower has been a theme since it peaked in dramatic fashion back in March, but the downtrend may be put to the test soon as a falling wedge pattern comes to light. Get your $USDCAD market update from @PaulRobinsonFX here:https://t.co/qjobL4Uyq9 https://t.co/wgd9nZSGpj
  • US Indices remain in the red but have pared some losses as session advances into the afternoon. DOW -0.38% NDX -0.13% SPX -0.24% RUT -0.03% $DOW $QQQ $SPY $IWM
  • A bout of risk aversion sees the Australian Dollar under pressure this morning with a larger than expected drop in retail sales adding to the soft tone for the currency. Get your $AUD market update from @JMcQueenFX here:https://t.co/fCa9gCxxxk https://t.co/WaAG58Ztar
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in EUR/JPY are at opposite extremes with 64.66%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/juDA0EsIR7
USDJPY Probes Former Resistance- Downside Break to Expose 101.00

USDJPY Probes Former Resistance- Downside Break to Expose 101.00

David Song, Strategist

Talking Points:

- USDOLLAR Gap Remains in Focus; Carving Lower High?

- USDJPY Coming Up Against Former Resistance; 101.00 in View

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

10569.65

10589.56

10568.21

-0.08

62.33%

USDOLLAR Daily

Forex_USDJPY_Probes_Former_Resistance-_Downside_Break_to_Expose_101.00_body_Picture_3.png, USDJPY Probes Former Resistance- Downside Break to Expose 101.00

Chart - Created Using FXCM Marketscope 2.0

  • Failure to Push Above 10,590 (50.0 retracement) Risks Lower High
  • Interim Resistance: 10,602 (38.2 retracement) to 10,615 (78.6 expansion)
  • Interim Support: 10,470 Pivot

Release

GMT

Expected

Actual

MBA Mortgage Applications (MAR 7)

11:00

--

-2.1%

The lack of momentum to push back above 10,590 (50.0 percent Fibonacci retracement) may present further declines in the Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) as it appears to be carving a lower high in March.

Despite the topside break in the Relative Strength Index (RSI), the slew of failed attempts to close above 10,590 fosters a bearish outlook for the greenback, and the reserve currency may face fresh monthly lows ahead of the Federal Open Market Committee (FOMC) meeting on March 19 as the oscillator turns over ahead of the 50 mark.

In turn, we will retain our approach to ‘sell bounces’ in the greenback, and the dollar may continue to give back the advance from back in October should we see a growing number of Fed officials scale back their willingness to move away from the zero-interest rate policy (ZIRP).

Join DailyFX on Demandto Cover Current U.S. Dollar Trade Setups

Forex_USDJPY_Probes_Former_Resistance-_Downside_Break_to_Expose_101.00_body_ScreenShot200.png, USDJPY Probes Former Resistance- Downside Break to Expose 101.00

USDJPY Daily

Forex_USDJPY_Probes_Former_Resistance-_Downside_Break_to_Expose_101.00_body_Picture_1.png, USDJPY Probes Former Resistance- Downside Break to Expose 101.00
  • Need a Break Below Former Resistance to See Another Run at 101.00 Handle
  • Interim Resistance: 103.30 (23.6 retracement) to 103.50 (100.0 expansion)
  • Interim Support: 100.50 (61.8 expansion) to 100.70 (61.8 expansion)

The greenback weakened against two of the four components, led by a 0.35 percent rally in the Japanese Yen, and a move back below former resistance (102.50-60) could spark another move down towards the 101.00 handle as the pair carves a lower high around 103.30-50.

With that said, we may see a further shift in the Bank of Japan (BoJ) policy outlook as the central bank retains an upbeat tone for the economy, and the USDJPY may continue to face limited topside advances over the near-term as Governor Haruhiko Kuroda scales back his willingness to further expand the asset-purchase program.

At the same time, the ongoing shift in market sentiment may continue to benefit the Japanese Yen as traders curb their appetite for risk, and we may see the USDJPY ultimately threaten the bullish trend carried over from 2013 as the BoJ looks to move away from its easing cycle.

--- Written by David Song, Currency Analyst

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong.

To be added to David's e-mail distribution list, please follow this link.

Trade Alongsidethe DailyFX Team on DailyFX on Demand

Looking to use the DailyFX Trade Signals LIVE? Check out Mirror Trader.

New to FX? Watch this Video

Join us to discuss the outlook for the major currencies on the DailyFXForums

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

DISCLOSURES