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
Mixed
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • OPEC reportedly moves up oil production meeting to June 4 #OOTT
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.69%, while traders in US 500 are at opposite extremes with 75.44%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/uuUtwe3YrJ
  • Technical Trade Levels: #Dollar, $EURUSD, $USDCAD, $AUDUSD, #Gold, #SPX and more! (Webinar Archive) - https://t.co/3UevjO8Lil
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Silver: 2.04% Gold: 0.55% Oil - US Crude: -1.48% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/5jVWooiTee
  • GBP/USD IG Client Sentiment: Our data shows traders are now net-short GBP/USD for the first time since May 06, 2020 when GBP/USD traded near 1.23. A contrarian view of crowd sentiment points to GBP/USD strength. https://www.dailyfx.com/sentiment https://t.co/wyWpKN83H2
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 1.79% 🇨🇦CAD: 1.33% 🇳🇿NZD: 1.31% 🇪🇺EUR: 0.20% 🇯🇵JPY: 0.19% 🇨🇭CHF: 0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/q2qAPkPXZi
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: US 500: 0.29% Wall Street: 0.27% Germany 30: 0.08% FTSE 100: -0.00% France 40: -0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/vHF9F2qb4Z
  • Happy Monday traders! What does the new month bring? Are we looking at positive sentiment but not much momentum❔ What are the market highlights heading into New York open? Find out from @DailyFX Chief Strategist, @JohnKicklighter 👇 https://t.co/xaHZXjZdZr
  • US Treasury Secretary Steven Mnuchin to hold call with G-7 finance ministers on Wednesday per his public schedule $DXY
  • Overlay that with google search terms for “protest” and “riots” and you see a similar uptick. Last time we saw a surge in these search terms was back in August 2019 and we saw a lot of volatility ensue shortly after. https://t.co/ZXAkgRWfAB
USD/JPY Outlook Remains Mired by Bearish Momentum- 120.55 in Focus

USD/JPY Outlook Remains Mired by Bearish Momentum- 120.55 in Focus

2015-04-21 16:30:00
David Song, Strategist
Share:

Talking Points:

- USD/JPY Climbs to Fresh Weekly High- Japan to Post First Trade Surplus Since 2012.

- GBP/USD Eyes 1.5000 Resistance Ahead of Bank of England (BoE) Minutes.

- USDOLLAR Remains at Risk as Fed Liftoff Remains ‘Uncertain.’

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

USD/JPY

USD/JPY Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Despite the failure to retain the monthly opening range, USD/JPY may continue to face range-bound prices as it climbs to a fresh weekly high of 119.82; still waiting for a break of the bearish RSI momentum carried over from December to favor a resumption of the long-term bullish trend.
  • With Japan expected to post its first trade surplus since 2012, a positive development may encourage the Bank of Japan (BoJ) to retain its currently policy at the April 30 policy meeting as Governor Haruhiko Kuroda remains confident in achieving the 2% inflation target over the policy horizon.
  • DailyFX Speculative Sentiment Index (SSI) shows the retail crowd remains net-long USD/JPY since April 8, with the ratio coming off of recent extremes to hold at +2.25.

GBP/USD

GBP/USD Daily Chart
  • Despite the near-term rebound in GBP/USD, the lack of momentum to close above 1.5000-15 (50% expansion) may highlight a near-term topping process in the exchange rate.
  • May get more of the same from the Bank of England (BoE) Minutes as the May 7 election continues to cloud the fiscal outlook for the U.K.; need a growing dissent to have a bullish impact on the sterling.
  • GBP/USD remains at risk for a further decline as the BoE continues to delay its easing cycle, with the next key region of interest coming in around 1.4480 (100% expansion) to 1.4500.

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

Read More:

Price & Time: Key Day For the Pound

COT-Mexican Peso Large Speculators Flip to Long Position

USDOLLAR(Ticker: USDollar):

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

11999.80

12044.77

11994.34

-0.08

73.26%

USD/JPY Outlook Remains Mired by Bearish Momentum- 120.55 in FocusUSDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Failure to push above former channel support may highlight a further decline in the Dow Jones-FXCM U.S. Dollar as the bearish RSI momentum remains in play; close below 11,951 (38.2% expansion) to 11,952 (50-Day SMA) to provide conviction/confirmation for additional greenback weakness.
  • With market participants starting to turn their attention to the Federal Open Market Committee’s (FOMC) April 29 interest rate decision, the data prints prior to the policy meeting may play an increased role in driving dollar volatility.
  • Lack of momentum to retain the monthly opening range may open up key support standing around 11,869 (23.6% expansion) to 11,901 (78.6% expansion).Join DailyFX on Demand for Real-Time SSI Updates!

Release

GMT

Expected

Actual

No Scheduled Releases

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.