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
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
Bullish
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • Pelosi says stimulus talks with Mnuchin will continue - BBG
  • Update on #Cryptocurrencies #BITCOIN -0.55% #BITCOINCASH -0.35% #ETHEREUM -0.68% #RIPPLE -0.46% #LITECOIN +1.08%
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.28% Gold: -0.31% Silver: -3.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/E9jn9lVQkj
  • US Dollar: Ready to Rumble with High-Impact Data - EURUSD, AUDUSD https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2020/09/30/US-Dollar-USD-Ready-to-Rumble-High-Impact-Data-EUR-USD-AUD-USD.html https://t.co/4NyN3ROIwJ
  • Senator McConnell signals that a deal is still far off on stimulus $SPX $DJI $DXY
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.18%, while traders in Wall Street are at opposite extremes with 69.58%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/cF2BM1c9q9
  • In the very short term, price action in USD/CAD is likely to be distorted by month-end flows. The general view is that month-end is expected to be USD supportive. Get your $USDCAD market update from @JMcQueenFX here: https://t.co/skS3cCMzB4 https://t.co/4o7EFmM86G
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Wall Street: 1.89% US 500: 1.53% FTSE 100: 0.20% France 40: 0.07% Germany 30: 0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/o3yVsioOC5
  • Fed's Bowman: - Continued monetary and targeted fiscal support may be needed - If virus worsens asset prices will be vulnerable to price drops - BBG
  • Secretary Mnuchin says he will meet with Senator McConnell today - BBG
USD/JPY Eyes August Low Ahead of Kuroda- FX Positioning Near Extremes

USD/JPY Eyes August Low Ahead of Kuroda- FX Positioning Near Extremes

2015-10-15 16:15:00
David Song, Strategist
Share:

Talking Points:

- USD/JPY Carves Bearish Pattern as Retail Positioning Approaches Extreme.

- NZD/USD RSI Pushes Into Overbought; Rally Vulnerable to Weak 3Q CPI Report.

- USDOLLAR Rebounds From Fresh Monthly Low on Sticky CPI- Outlook Mired by Bearish Formation.

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

  • USD/JPY downside targets remain in focus as the pair fails to hold near-term support levels and carves a series of lower highs & lows; will keep a close eye on the Relative Strength Index (RSI) as a break below 30 raises the risk for a further decline.
  • With Bank of Japan (BoJ) Governor Haruhiko Kuroda scheduled to speak going into the weekend, more of the same from the central bank head may heighten appeal of the Yen & dampen bets for a further expansion of the asset-purchase program at the October 30 interest rate decision.
  • Despite the decline, DailyFX Speculative Sentiment Index (SSI)shows retail crowd remains net-long USD/JPY since June 8, but the ratio is approaching recent extremes as it climbs to +2.81, with 74% of traders long.

NZD/USD

NZD/USD Daily Chart
  • The near-term rally in NZD/USD may gather pace as it breaks near-term resistance around 0.6690 (161.8% expansion) to 0.6710 (50% retracement), while the RSI pushes into oversold territory.
  • Even though the Reserve Bank of New Zealand (RBNZ) stands ready & willing to further reduce the overnight cash rate, stickiness in the third-quarter Consumer Price Index (CPI) may boost rate expectations as the headline reading for inflation is expected to hold steady at an annualize rate of 0.3%.
  • As NZD/USD pushes to fresh monthly highs, a break/close above 0.6890 (50% expansion) to 0.6900 (100% expansion) may expose next region of interest around 0.6950 (38.2% retracement) to 0.6980 (38.2% expansion).

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

Read More:

Price & Time: USD/CAD Back At Key Pivot Area

Dollar Dive Deepens as Rate Hike Bets Move Further Out

USDOLLAR(Ticker: USDollar):

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

11875.65

11915.62

11854.5

-0.04

125.34%

USD/JPY Eyes August Low Ahead of Kuroda- FX Positioning Near ExtremesUSDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • The Dow Jones-FXCM U.S. Dollar bounced back from a fresh monthly low (11,854) following the better-than-expected U.S. Consumer Price Index (CPI) figure, but the failure to hold above the September low (11,865) raises the risk for a further decline amid the recent string of lower highs & lows.
  • Despite the stickiness in the core rate of inflation, the bearish tilt on the RSI may foster a larger decline in the greenback as market participants scale back bets for a 2015 Fed rate-hike.
  • Failure to close above11,898 (50% retracement) to 11,901 (78.6% expansion), opens up the downside target, with the next region of interest surrounding the Fibonacci overlap around 11,826 (61.8% expansion) to 11,843 (38.2% retracement).

Join DailyFX on Demand for Real-Time SSI Updates!

USD/JPY Eyes August Low Ahead of Kuroda- FX Positioning Near Extremes

--- 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