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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
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
More View more
Real Time News
  • Traders tend to overcomplicate things when they’re starting out in the forex market. This fact is unfortunate but undeniably true. Simplify your trading strategy with these four indicators here:
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here:
  • “The UK and EU have agreed to return to the negotiating table to try to agree a post-#Brexit trade deal. But on Friday, a joint statement said ‘significant divergences’ remained.” - BBC News #GBP
  • Multiple time frame analysis follows a top down approach when trading and allows traders to gauge the longer-term trend while spotting ideal entries on a smaller time frame chart. Learn how to incorporate multiple time frame analysis here:
  • Forex sentiment analysis can be a useful tool to help traders understand and act on price behavior. Learn how to get the most out of understanding trader sentiment here:
  • The rising wedge is a popular reversal pattern that is predictive in nature and can give traders a clue to the direction and distance of the next price move. Incorporate the rising wedge in your trading strategy and learn more here:
  • Both the S&P 500 and $EURUSD will enter the coming week with momentum to their back. What can trip up the rallies? What could keep them going? My overview for the week ahead:
  • After the recent strength of EUR/USD, a period of consolidation is likely ahead of two critical meetings: of the European Central Bank and the European Council. Get your $EURUSD market update from @MartinSEssex here:
  • Triangle patterns have three main variations and appear frequently in the forex market. These patterns provide traders with greater insight into future price movement and the possible resumption of the current trend. Learn about triangles here:
  • Continuation patterns can present favorable entry levels to trade in the direction of the prevailing trend. Use continuation patterns in your technical analysis here:
USD/JPY Retail Sentiment Hits Extreme Ahead of Japan BoP, GDP Report

USD/JPY Retail Sentiment Hits Extreme Ahead of Japan BoP, GDP Report

2016-06-06 13:45:00
David Song, Strategist

Talking Points:

- USD/JPY Retail Sentiment Hits Extreme Ahead of Japan BoP, GDP Report.

- USDOLLAR to Mount Larger Recovery on More of the Same From Fed Chair Yellen.

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 by David Song

  • USD/JPY stands at risk for a further decline as it appears to have made a failed attempt to test the April high (111.87) and preserves the downward trend from earlier this year; may continue to carve a near-term series of lower highs & lows especially as the Relative Strength Index (RSI) comes off of trendline resistance to preserve the bearish formation carried over from June 2015.
  • Even though Japan’s Balance of Payments (BoP) report is anticipated to show a narrowing current account & trade balance surplus, an upward revision in the final 1Q Gross Domestic Product (GDP) report may boost the appeal of the Yen as signs of a stronger-than-expected recovery limits the Bank of Japan’s (BoJ) scope to implement more non-standard measures.
  • Will keep a close eye on the downside targets as the bearish trend from earlier this year looks to reassert itself, with the next downside region of interest coming in around 105.30 (50% retracement) to 105.54 (2016 low), followed by 104.80.
  • The DailyFX Speculative Sentiment Index (SSI) shows the retail FX crowd remains net-long USD/JPY since the BoJ implemented the negative-interest rate policy (NIRP) on January 29, with the ratio hitting an extreme back in April as it climbed to +3.50.
  • The ratio appears to be working its way back towards near-term extremes as it currently sits at +2.82 as 74% of traders are long, with long positions 41.6% higher from the previous week, while open interest stands 10.2% above the monthly average.

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

USDOLLAR(Ticker: USDollar):





Daily Change (%)

Daily Range (% of ATR)

US Dollar Index






USD/JPY Retail Sentiment Hits Extreme Ahead of Japan BoP, GDP ReportUSDOLLAR Daily Chart

Chart - Created by David Song

  • The USDOLLAR pares the decline following the dismal Non-Farm Payrolls (NFP) report, with the greenback catching near-term support around 11,836 (61.8% retracement) to 11,843 (38.2% retracement); downside targets remain favored as Fed Funds Futures continue to highlight a less than 10% probability for a rate-hike at the June 15 interest-rate decision.
  • With Fed Chair Janet Yellen scheduled to speak later today, more of the same may prop up the greenback as the central bank head continues to prepare U.S. households and businesses for higher borrowing-costs, but a material shift in the monetary policy outlook may produce near-term headwinds for the dollar as market participants push out bets for the next rate-hike.
  • Break/close below the Fibonacci overlap around 11,836 (61.8% retracement) to 11,843 (38.2% retracement) may open up the next downside region of interest coming in around 11,745 (50% retracement) to 11,759 (23.6% retracement).
DailyFX Calendar

Click Here for the DailyFX Calendar

Get our top trading opportunities of 2016 HERE

Read More:

US DOLLAR Technical Analysis: Another Monthly Opening Range Worth Watching

Gold Prices in Free Fall- Shorts at Risk into NFP

EUR/GBP Breakdown Eyes Critical Support at 7520

GBP/USD Successful Re-Test of Former Resistance Line

--- Written by David Song, Currency Analyst

To contact David, e-mail Follow me on Twitter at @DavidJSong.

To be added to David's e-mail distribution list, please follow this link.

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