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
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
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
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
GBP/USD
Bullish
USD/JPY
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
More View more
Real Time News
  • #CrudeOil price action could consolidate into a broad trading range following a historic Q2 as barriers of technical confluence stand to contain the commodity’s direction. Download our oil #trading guide for the full report: https://t.co/DcjPcVpX5x https://t.co/EJlDquZ9WR
  • It’s unlikely that the #ECB on its own will continue to be able to prevent the Euro from weakening if EU governments continue to argue about policy. Download our #EUR trading guide to find out more: https://t.co/Kjp34DoEzE https://t.co/gtKQa9zXX5
  • The #USD spent the bulk of Q2 in a range after a climactic Q1; and with a series of risk themes continuing to push, combined with an election in November, the door appears open for more vol in USD. Download our USD trading guide here: https://t.co/2Wo7EcwAht https://t.co/BA5dWk4wTt
  • $USD hegemony is at risk thanks to changes in the global economy and the long-term consequences of the US-China trade war. Get your market update from @CVecchioFX here:https://t.co/5GO9UrvO4y https://t.co/OTTEmg76W8
  • The immediate focus is on a break of this multi-week consolidation formation in the Australian Dollar with the broader rally vulnerable while below 7042. Get your AUD technical analysis here: https://t.co/iEYos1ioBc https://t.co/kuzB3Eqps0
  • #Gold prices have rallied to nine-year highs with the breakout testing multi-year uptrend resistance into the open of Q3. Can the rally be sustained? Download our latest Gold trading guide!: https://t.co/3KO2QWOnOt https://t.co/YIIGZdeIAJ
  • Why financial market traders must monitor both monetary and fiscal policy? Find out from @MartinSEssex here:https://t.co/Fkzk88Y5gm https://t.co/zerRXZC1Tq
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here: https://t.co/DmhBkd4B0k https://t.co/uj93z2SHpH
  • The Australian Dollar’s surge from the March lows may be coming to an end as bearish patterns begin to line up on multiple time-frames. Check out our #AUD trading guide to learn more here: https://t.co/pjfm07tqFd https://t.co/VypHLra1ER
  • The Evening Star candlestick is a three-candle pattern that signals a reversal in the market and is commonly used to trade forex. Learn more about the evening star candlestick pattern here: https://t.co/8OTE7m01IG https://t.co/Vumcng7UB3
Looking for Lower-High in USD/JPY as Pair Pushes Into Resistance

Looking for Lower-High in USD/JPY as Pair Pushes Into Resistance

2014-07-24 15:25:00
David Song, Strategist
Share:

Talking Points:

- GBP/USD Searches for Support Ahead of U.K. 2Q Gross Domestic Product (GDP)

- USD/JPY Comes Up Against Resistance Ahead of Japan’s Consumer Price Index (CPI)

- USDOLLAR Turns Around Ahead of 10,470 Pivot as New Home Sales Disappoint

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

10460.18

10465.74

10435.82

0.24

115.80%

GBP/USD:

  • Weakens to a fresh monthly low as U.K. Retail Sales increases 0.1% versus 0.3% expected; 2Q GDP expected to expand another 0.8%.
  • May need strong growth figures for GBP/USD to retain the bullish trend from earlier this year; 1.6940-60 remains the key region of interest as it stands above trendline support.
  • DailyFX Speculative Sentiment Index (SSI) continues to narrow but remains in negative territory as ratio current stands at -1.49.

USD/JPY:

  • Will continue to look for resistance around former support region, which comes in at 101.80-102.00.
  • Remains at risk for a further decline as the USD/JPY continues to carve series of lower-highs in July.
  • Japan’s Consumer Price Index (CPI) is expected to narrow to an annualized pace of 3.5% from 3.7% in June, but it looks as though the Bank of Japan (BoJ) will retain its current approach for monetary policy as the central bank remains upbeat on the real econmy.

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

Looking for Lower-High in USD/JPY as Pair Pushes Into Resistance

Join DailyFX on Demand for Real-Time SSI Updates Across the Majors!

Read More:

Price & Time: EUR/USD Bounce?

Surprise PMIs Offer EUR/JPY, EUR/USD ST Reversal Opportunities

USDOLLAR Daily

Looking for Lower-High in USD/JPY as Pair Pushes Into Resistance

Chart - Created Using FXCM Marketscope 2.0

USDOLLAR(Ticker: USDollar):

  • Dow Jones-FXCM U.S. Dollar Index correction stalls ahead of 10,470 as U.S. New Home Sales slip 8.1% in June amid forecasts for a 5.8% decline.
  • Remains at risk of carving a lower-high ahead of the Fed’s July 30 meeting as Chair Janet Yellen retains a dovish tone for monetary policy; will continue to favor the downward trending channel from earlier this year.
  • Will continue to look for a bearish break in the Relative Strength Index (RSI) to have greater conviction/confirmation of a lower-high.
  • Interim Resistance: 10,508 (61.8% retracement) to 10,524 (38.2% retracement)
  • Interim Support: 10,354 (Oct. low) to 10,375 (50.0& retracement)

Release

GMT

Expected

Actual

Initial Jobless Claims (JUL 19)

12:30

307K

284K

Continuing Claims (JUL 12)

12:30

2510K

2500K

Markit Purchasing Manager Index Manufacturing (JUL P)

13:45

57.5

56.3

New Home Sales (JUN)

14:00

475K

406K

New Home Sales (MoM) (JUN)

14:00

-5.8%

-8.1%

Kansas City Fed Manufacturing Activity (JUL)

15:00

6

9

Click Here for the DailyFX Calendar

--- 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

News & Analysis at your fingertips.