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
Oil - US Crude
Wall Street
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
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
  • Heads Up:🇿🇦 ABSA Manufacturing PMI due at 09:00 GMT (15min) Previous: 46.1 https://www.dailyfx.com/economic-calendar#2020-06-01
  • OPEC and Russia is said to be moving closer to an agreement on extension of oil production cuts, looking at 1-2 months - RTRS sources
  • 🇬🇧 Markit/CIPS Manufacturing PMI Final Actual: 40.7 Expected: 40.7 Previous: 32.6 https://www.dailyfx.com/economic-calendar#2020-06-01
  • Sharp risk-off reversal after #China is reported to halt some US agriculture imports amid #HongKong tensions & #TradeWar escalation. #AUD, #NZD and #SP500 futures down. #USD and #JPY up. https://t.co/2uwoEalx62
  • Heads Up:🇬🇧 Markit/CIPS Manufacturing PMI Final due at 08:30 GMT (15min) Expected: 40.7 Previous: 32.6 https://www.dailyfx.com/economic-calendar#2020-06-01
  • China is said to halt some US soy imports as tensions rise
  • U.S. Market Analyst at https://t.co/JsVsSlWDSh, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEt7a6 https://t.co/VVnzXqhl9r
  • 🇩🇪 Markit Manufacturing PMI Final Actual: 36.6 Expected: 36.8 Previous: 34.5 https://www.dailyfx.com/economic-calendar#2020-06-01
  • What's been driving #gold strength and #USD weakness since the middle of last week, a move that has seemingly ignored the back/forth on #USChina tensions? Here's a theory: domestic US unrest is fueling bets on more #Fed easing. https://t.co/UM8tftiSh6
  • 🇮🇹 Markit/ADACI Manufacturing PMI Actual: 45.4 Expected: 37.1 Previous: 31.1 https://www.dailyfx.com/economic-calendar#2020-06-01
USD/JPY Retail Sentiment Back at Near-Term Extremes

USD/JPY Retail Sentiment Back at Near-Term Extremes

2016-03-08 19:25:00
David Song, Strategist

Talking Points:

- USD/JPY Retail Sentiment Back at Near-Term Extreme as Range-Support Approaches.

- USDOLLAR Remains at Risk for Further Losses as Bearish Pattern Continues to Take Shape.

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


USD/JPY Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • USD/JPY may continue to consolidate ahead of the Federal Reserve’s & the Bank of Japan’s (BoJ) interest rate decisions schedule for the week ahead following the failed test of the mid-February high (114.87); pair stands at risk for another run at the 2016 low (110.96) amid the failed attempts to close above 113.80 (100% expansion) to 114.00 (23.6% retracement).
  • Despite an upward revision in Japan’s 4Q Gross Domestic Product (GDP) report, still seeing speculation for additional BoJ easing following the surprise move to implement a negative-interest rate policy (NIRP); may see Governor Haruhiko Kuroda try to buy more time at the March 15 rate decision as Japanese lawmakers mull the sales-tax hike for 2017.
  • Will keep a close eye on the Relative Strength Index (RSI) as the oscillator pulls back towards trendline support; failure to retain the bullish formation may open up the next downside target coming in around 110.50 (61.8% expansion).
  • Despite the recent string of lower-highs, the DailyFX Speculative Sentiment Index (SSI) shows the retail FX crowd remains net-long USD/JPY since January 29, with the ratio hitting at extreme in February as it climbed towards the +3.00 region.
  • Retail sentiment appears to be moving back towards near-term extremes as it widens to +2.33, 70% of traders currently long as positions increased 15.6% from the previous week.

Why and how do we use the SSI in trading? View our video and download the free indicator here

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

USDOLLAR(Ticker: USDollar):





Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index






USD/JPY Retail Sentiment Back at Near-Term ExtremesUSDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • The USDOLLAR may continue to give back the rebound from the February low (12,001) as it continues to carve a series of lower highs & lows, while the RSI appears to be forming a new bearish pattern.
  • Nevertheless, fresh comments from Fed Vice-Chair Stanley Fischer and Governor Lael Brainard suggest the Federal Open Market Committee (FOMC) will stay on course to further normalize monetary policy as central bank officials see the U.S. economy approaching ‘full-employment’ and remain confident in achieving the 2% inflation-target over the policy horizon.
  • With the new bearish formations taking shape, a break of the 2016 low (12,001) may trigger a run at the next downside targets around 11,986 (61.8% retracement) following by 11,965 (23.6% retracement).
USD/JPY Retail Sentiment Back at Near-Term Extremes

Read More:

Another Big Test Awaits USD/CAD

DailyFX Technical Focus: Nikkei 225 at Resistance

USD/JPY Technical Analysis: The Core FX Pair In The Risk ParadigmUSDOLLAR: Key Levels to Know Heading into NFPs, March Open

Get our top trading opportunities of 2016 HERE

--- 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.


News & Analysis at your fingertips.