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
Oil - US Crude
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
More View more
Real Time News
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.33% 🇯🇵JPY: 0.19% 🇪🇺EUR: 0.13% 🇳🇿NZD: 0.05% 🇨🇦CAD: 0.04% 🇦🇺AUD: -0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/8aD0rHNpKv
  • Weekly Strategy Webinar starting in 15mins on DailyFX!! https://t.co/lxd5fZ5LG7
  • Please join @MBForex at 8:30 EST/12:30 GMT for your weekly scalping webinar. Register here: https://t.co/VGr4ZK3QZ9 https://t.co/FGuM1EAoYH
  • BoE's Vlieghe reiterates view that inflation peak is likely temporary $GBP
  • Goldman Sachs lowers Q3 US GDP forecast to 8.5% from 9.5%
  • Heads Up:🇧🇷 BCB Focus Market Readout due at 11:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-07-26
  • BoE's Vlieghe: Appropriate to keep the current monetary stimulus in place for several quarters at least, and probably longer. And when tightening does become appropriate, I suspect not much of it will be needed, given the low level of the neutral rate. #GBP @DailyFX
  • 🇲🇽 Unemployment Rate (JUN) Actual: 4% Previous: 4% https://www.dailyfx.com/economic-calendar#2021-07-26
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.78%, while traders in Wall Street are at opposite extremes with 72.64%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/bdeCMl2DyU
  • Heads Up:🇲🇽 Unemployment Rate (JUN) due at 11:00 GMT (15min) Previous: 4% https://www.dailyfx.com/economic-calendar#2021-07-26
USD/JPY RSI Sits in Oversold Territory, Retail FX Remains Net-Long

USD/JPY RSI Sits in Oversold Territory, Retail FX Remains Net-Long

David Song, Strategist

Talking Points:

- USD/JPY RSI Sits in Oversold Territory While Retail FX Remains Net-Long.

- SPX500 Continues to Carve Bearish Pattern Going Into U.S. Earnings Season.

- USDOLLAR to Threaten Range on Strong NFP, Faster Wage Growth.

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 stands at risk for a larger decline as the pair continues to carve lower lows while the Relative Strength Index (RSI) preserves the bearish formation from back in November but, the oscillator may highlight a near-term exhaustion as it holds above the August low (20).
  • Nevertheless, the dollar-yen remains at risk of giving back the rebound from 116.07 should Japan’s Balance of Payments (BoP) report instill an improved outlook for the region and encourage the Bank of Japan (BoJ) to endorse a wait-and-see approach at the January 29 interest rate decision as Governor Haruhiko Kuroda remains confident in achieving the 2% inflation target over the policy horizon.
  • The DailyFX Speculative Sentiment Index (SSI) shows retail crowd remains net-long USD/JPY since December 2 but, the ratio continues to come off of recent extremes as it narrows to +2.26, with 69% of traders now long.

SPX500

SPX500 Daily Chart
  • Even though the SPX500 rebounds from the overnight low, the series of lower highs & lows may continue to take shape over the coming days especially as the RSI pushes into oversold territory; may see a near-term rebound should the oscillator climb back above 30.
  • With U.S. firms announcing 4Q earnings this week, concerns surrounding the appreciation in the U.S. dollar may be a key theme to watch as market participants weigh the timing of the next Fed rate-hike.
  • The bearish formations in price & RSI may trigger a further decline, with the September low (1,870) and the August low (1,833) in focus.

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

USDOLLAR(Ticker: USDollar):

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

12191.68

12202.49

12181.23

-0.06

57.68%

USD/JPY RSI Sits in Oversold Territory, Retail FX Remains Net-LongUSDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Despite the 292K expansion in U.S. Non-Farm Payrolls (NFPS), the failed attempt to break out of the near-term range may spur a pullback in the USDOLLAR as it sits at resistance.
  • Will keep a close eye on the U.S. Advance Retail Sales report as private-sector consumption remains one of the leading drivers of growth and inflation but, the fresh updates from the Fed’s Beige Book may dampen the appeal of the dollar should the regional banks highlight subdued price growth across the 12 districts.
  • A near-term correction may spur a move back towards support around 12,049 (78.6% retracement) to 12,082 (61.8% expansion).
USD/JPY RSI Sits in Oversold Territory, Retail FX Remains Net-Long

Read More:

Price & Time: NZD/USD: Starting Down or Bullish Backtest?

Bearish EURUSD: Eyeing New 2016 Lows

USD/JPY Eyes August Low- Widening Surplus to Keep BoJ on Hold?

EUR/USD Short-Term Strategy: Sell Rips Sub-1.0880

Avoid the pitfalls of trading by steering clear of classic mistakes. Review these principles in the "Traits of Successful Traders" series.

--- 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

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

DISCLOSURES