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
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bearish
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
Bullish
More View more
Real Time News
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here: https://t.co/Blrl0uF2Ct https://t.co/y5QA5ZNvgs
  • 🇷🇺 Markit Manufacturing PMI (FEB) Actual: 51.5 Previous: 50.9 https://www.dailyfx.com/economic-calendar#2021-03-01
  • Heads Up:🇷🇺 Markit Manufacturing PMI (FEB) due at 06:00 GMT (15min) Previous: 50.9 https://www.dailyfx.com/economic-calendar#2021-03-01
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/XuRCWHWsEV
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.74%, while traders in GBP/JPY are at opposite extremes with 64.08%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/0MjvT6Ao40
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.55% 🇦🇺AUD: 0.55% 🇬🇧GBP: 0.39% 🇪🇺EUR: 0.09% 🇯🇵JPY: 0.06% 🇨🇭CHF: -0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/reMp23qieo
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 1.05% US 500: 0.83% Germany 30: 0.78% France 40: 0.78% Wall Street: 0.72% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/xD81ljxO7y
  • 🇮🇳 Markit Manufacturing PMI (FEB) Actual: 57.5 Expected: 57.5 Previous: 57.7 https://www.dailyfx.com/economic-calendar#2021-03-01
  • Had the pleasure of jumping on The Trade today on @ausbiztv to go over what long-term price action can tell us about the future trajectory of #copper, $AUDUSD and the $DXY Big thanks to @KaraOrdway for having me on! https://t.co/awjKgmOTwS
  • Heads Up:🇮🇳 Markit Manufacturing PMI (FEB) due at 05:00 GMT (15min) Expected: 57.5 Previous: 57.7 https://www.dailyfx.com/economic-calendar#2021-03-01
USD/JPY Retail Positioning Stretched Ahead of NFP Report

USD/JPY Retail Positioning Stretched Ahead of NFP Report

David Song, Strategist

Talking Points:

- USD/JPY Retail Positioning Gets Increasingly Stretched as Selloff Continues.

- AUD/USD Threatens Bearish RSI Formation Ahead of Australia Retail Sales, RBA Policy Report.

- USDOLLAR Continues to Search for Support Ahead of U.S. Non-Farm Payrolls (NFP).

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 negative interest rates in Japan, USD/JPY continues to grind lower, with the pair at risk for a further decline as the Relative Strength Index (RSI) fails to preserve the bullish formation from earlier this year; will watch for near-term support around 115.96 (2016 low) to 116.20 (50% expansion).
  • Even though the Bank of Japan (BoJ) keeps the door open to further embark on its easing cycle, risk sentiment may continue to drive dollar-yen volatility over the near-term as market participants gauge the diverging paths for monetary policy; will keep a close eye on the downside targets as the pair preserves the downward trending channel from July.
  • The DailyFX Speculative Sentiment Index (SSI) shows retail crowd remains net-long USD/JPY since January 29, but the ratio has snapped back towards recent extremes as it climbs to +2.39, with 71% of traders now long.

AUD/USD

AUD/USD Daily Chart
  • AUD/USD looks poised to extend the rebound from the previous month as the pair appears to be on its way to test the descending trendline from July, while the RSI threatens the bearish formation from back in October.
  • Even though Australia’s 4Q Retail Sales report is anticipated to show a 0.9% expansion following the 0.6% rise during the three-months through September, the Reserve Bank of Australia’s (RBA) Monetary Policy report may dampen the appeal of the higher-yielding currency should Governor Glenn Stevens and Co. highlighter a greater willingness to implement lower borrowing-costs over the coming months.
  • Will retain a constructive view on AUD/USD as the RSI appears to be carving a bullish setup, with the next topside objective coming in around 0.7260 (78.6% retracement) to 0.7270 (38.2% retracement).

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

12071.69

12121.49

12041.13

-0.29

158.44%

USD/JPY Retail Positioning Stretched Ahead of NFP ReportUSDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • The near-term selloff in the USDOLLAR may gather pace over the coming days as mixed data prints coming out of the U.S. economy drags on interest rate expectations, while the RSI fails to retail the bullish pattern from back in August.
  • Even though U.S. Non-Farm Payrolls (NFP) report are projected to increase another 190K in January, a slowdown in Average Hourly Earnings may further dampen the appeal of the dollar as it undermines Fed expectations of achieving the 2% inflation goal over the policy horizon.
  • Will keep a close eye around 12,049 (78.6% retracement) to 12,082 (61.8% expansion) for near-term support, but a close below the key region may open up the next downside target around 11,951 (38.2% expansion) to 11,965 (23.6% retracement).
USD/JPY Retail Positioning Stretched Ahead of NFP Report

Read More:

USD/JPY – Claw Back

USD/JPY-Don’t Forget about the 26 Year Trendline

COT-Big Increase in Net Long Position for Crude Oil Trend Followers

USD/CAD Technical Analysis: CAD Bulls Likely In Charge below 1.4325 (Levels)

Get our top trading opportunities of 2016 HERE

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