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. See our updated Privacy Policy here.

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
Oil - US Crude
Mixed
Wall Street
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
Gold
Bearish
GBP/USD
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
USD/JPY
Mixed
More View more
Real Time News
  • The US Dollar may gain versus ASEAN currencies like the Singapore Dollar, Thai Baht and Philippine Peso after the Fed projected 2 rate hikes by the end of 2023. All eyes on US PCE data. Get your market update from @ddubrovskyFX here:https://t.co/LaLVW8FFHI https://t.co/Y0FoP7A5ZW
  • Dow Jones Rebound May Lift Sentiment for Nikkei 225 and ASX 200 https://www.dailyfx.com/forex/market_alert/2021/06/25/Dow-Jones-Rebound-May-Lift-Sentiment-for-Nikkei-225-and-ASX-200.html https://t.co/G6PRAUQbla
  • Increased rate bets following June's FOMC rate decision roiled markets, including commodities. Crude oil received a boost on Iran's election, while gold and copper look to incoming inflation data out of the US. Get your market update from @FxWestwater here:https://t.co/iGAO4dasIU https://t.co/iwDTDzgaHg
  • So #PBOC unexpectedly increased liquidity injections yesterday for the 1st time since March Sold 30b #Yuan of 7-day reverse repos at 2.2%, up from usual 10b MSCI #EmergingMarkets index understandably happy, eyeing a Descending Triangle Learn more here - https://www.dailyfx.com/education/technical-analysis-chart-patterns/descending-triangle.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/j2r0KTHQ8M
  • 8 out of 9 Dow Jones sectors ended higher, with 93.3% of the index’s constituents closing in the green. industrials (+2.07%) financials (+1.62%) and communication services (+1.25%) outperformed, whereas materials (-0.06%) trailed behind. https://t.co/jgIcDOvItT
  • The Canadian Dollar may have more room to weaken looking at a Loonie index. USD/CAD is struggling to confirm a push above the 100-day SMA, watch the 4-hour chart for near-term clues. Get your market update from @ddubrovskyFX here:https://t.co/ezLH8Ky4a0 https://t.co/G4K7wuXiWx
  • 🇬🇧 Gfk Consumer Confidence (JUN) Actual: -9 Expected: -7 Previous: -9 https://www.dailyfx.com/economic-calendar#2021-06-24
  • Heads Up:🇬🇧 Gfk Consumer Confidence (JUN) due at 23:01 GMT (15min) Expected: -7 Previous: -9 https://www.dailyfx.com/economic-calendar#2021-06-24
  • 🇳🇿 Balance of Trade (MAY) Actual: N$469M Previous: N$414M https://www.dailyfx.com/economic-calendar#2021-06-24
  • Heads Up:🇳🇿 Balance of Trade (MAY) due at 22:45 GMT (15min) Previous: N$388M https://www.dailyfx.com/economic-calendar#2021-06-24
USD/JPY at Risk for Fresh 2014 Lows on Less-Dovish BoJ

USD/JPY at Risk for Fresh 2014 Lows on Less-Dovish BoJ

David Song, Strategist

Talking Points:

- USDOLLAR Risks Further Decline on Close Below 10,440

- USD/JPY Eyes 101.00 Ahead of Bank of Japan (BoJ) Meeting

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

10442.85

10454.11

10435.72

-0.10

60.65%

USDOLLAR Daily

USD/JPY at Risk for Fresh 2014 Lows on Less-Dovish BoJ

Chart - Created Using FXCM Marketscope 2.0

  • Close Below 10,440 Brings 10,406 (1.618 extension) as Next Downside Target
  • Interim Resistance: 10,602 (38.2 retracement) to 10,615 (78.6 expansion)
  • Interim Support: 10,354 to 10,375 (50.0 retracement)

Release

GMT

Expected

Actual

Fed's Williams, Fisher Speak on Monetary Policy

16:10

Former Fed Chairman Ben Bernanke Speaks on U.S. Economy

16:50

Click Here for the DailyFX Calendar

The lack of momentum to hold above the 10,440 pivot raises the risk of seeing a further decline in the Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar), and the bearish sentiment surrounding the greenback may continue to gather pace over the remainder of the month as it carves out a lower high in May.

The Federal Open Market Committee (FOMC) Minutes may do little to prop up the greenback as the bar remains high to see a material shift in the policy outlook, and the reserve currency remains at risk of testing fresh lows over the near-term as Chair Janet Yellen remains reluctant to move away from the zero-interest rate policy (ZIRP).

With that said, a close below 10,440 would bring up the 1.618 percent Fibonacci expansion around 10,406, and we will retain our current approach to ‘sell bounces’ in the greenback as the Fed retains its current approach for monetary policy.

Read More:

Euro Speculators Flip to Net Short Position

EUR/AUD, EUR/USD Could See ST Reversal while EUR/JPY Remains Weak

USD/JPY at Risk for Fresh 2014 Lows on Less-Dovish BoJ

USD/JPY Daily

USD/JPY Daily Chart
  • Tags 200-Day SMA (101.12) for First Time Since November; Threatening Bullish Trend from 2013
  • Interim Resistance: 102.80 (38.2 retracement) to 102.90 23.6 expansion)
  • Interim Support: 101.00 Pivot to 100.90 (50.0 retracement)

Join DailyFX on Demandto Cover Current Japanese Yen Trade Setups

The greenback lost ground against three of the four components, led by a 0.32 percent rally in the Japanese Yen, and the USD/JPY may continue to threaten the bullish trend carried over from the previous year should the Bank of Japan (BoJ) interest rate decision spur a more meaningful shift in the policy outlook.

The BoJ may turn increasingly upbeat towards the economy amid the marked uptick in Japan’s 1Q GDP print, and the Governor Haruhiko Kuroda may continue to talk down bets for a further expansion in the asset-purchase program as the central bank remains very confident in achieving the 2 percent target for inflation.

With that said, a less-dovish policy statement accompanying the BoJ interest rate decision may heighten the appeal of the Japanese Yen, and the USD/JPY may continue to give back the advance carried over from the previous year amid the growing deviation in the policy outlook.

--- 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