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
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
Wall Street
Bullish
Gold
Mixed
GBP/USD
Mixed
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
Bearish
More View more
Real Time News
  • Forex trading, which is the act of exchanging fiat currencies, is thought to be centuries old – dating back to the Babylonian period. Learn about the history of Forex here:https://t.co/ePTJlbUP7c https://t.co/fA7G42tGcH
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here: https://t.co/DmhBkd4B0k https://t.co/8cM3NQIvom
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here: https://t.co/NpC1D8y4Aa https://t.co/tEpCHQDoVW
  • A punny excerpt: “Already the exchanges between Mr. Barnier and his counterpart David Frost, have – apropos to his name – sent a chilling message about bilateral trade talks”. https://t.co/OkFCvUZs2H
  • #BritishPound May Fall on #Virus-Hit GDP Data, #Brexit Stalemate ⬇️ https://www.dailyfx.com/forex/fundamental/forecast/weekly/gbp/2020/08/08/British-Pound-May-Fall-on-Virus-Hit-GDP-Data-Brexit-Stalemate.html
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out: https://t.co/td5WA4hCZC https://t.co/BuFKivwj2h
  • There are many different types of forex orders, which traders use to manage their trades. While these may vary between different brokers, there tends to be several basic FX order types all brokers accept. Learn about different FX order types here: https://t.co/lIJdiz4xSz https://t.co/QXaLbmFSjd
  • The anti-risk Japanese #Yen may rise versus currencies like the $AUD and $NZD on US-China tensions and fiscal stimulus woes which sank the Nasdaq 100 at the end of last week. Get your #currencies update from @ddubrovskyFX here: https://t.co/Kw0fYCHEcw https://t.co/jiQBPpzat3
  • The #Dollar is down than 3% year-to-date with the index responding to trend support at multi-year lows. Here are the levels that matter on the $DXY weekly technical chart. Get your #currencies update from @MBForex here: https://t.co/MVnF5VDoeN https://t.co/TP2k8u9sXN
  • Why financial market traders must monitor both monetary and fiscal policy? Find out from @MartinSEssex here:https://t.co/Fkzk88Y5gm https://t.co/ioGWvplvt7
USD/JPY Retail Sentiment Holds Near Extreme Ahead of NFP Report

USD/JPY Retail Sentiment Holds Near Extreme Ahead of NFP Report

2016-08-04 16:38:00
David Song, Strategist
Share:

Talking Points:

- USD/JPY Retail Sentiment Holds Near Extreme Even as BoJ Endorses Wait-and-See Approach.

- USDOLLAR Comes Up Against Former Support Ahead of NFP Report.

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

USD/JPY

USD/JPY Daily Chart

Chart - Created by David Song

  • Even though USD/JPY holds a narrow range going into the end of the week, the failure to preserve the upward trend from June raises the risk for a further decline in the exchange rate, with the pair at risk of working its way back towards the June low (98.78) as it appears to have carved a lower-high during the previous month.
  • Even though the Bank of Japan (BoJ) keeps the door open to further embark on its easing cycle, recent comments by Deputy Governor Kikuo Iwata suggests the central bank may largely endorse a wait-and-see approach at the next interest-rate decision on September 21 as the board member argues the bank does ‘not have any specific future directions of monetary policy at this moment.’
  • With USD/JPY at risk of carving a lower-low, a break of the June low (98.78) may open up the next downside target around 98.30 (38.2% & 78.6% retracements).
DailyFX SSI
  • The DailyFX Speculative Sentiment Index (SSI) shows the retail FX crowd remains net-long USD/JPY since July 22, with the ratio hitting an extreme reading in July as it climbed to +5.28 to mark the highest reading since 2012.
  • The ratio currently sits at +3.83 as 79% of traders are long, with long positions 41.6% higher from the previous week, while open interest stands 15.0% 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):

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

US Dollar Index

11937.56

11952.41

11898.29

0.17

98.13%

USD/JPY Retail Sentiment Holds Near Extreme Ahead of NFP ReportUSDOLLAR Daily Chart

Chart - Created by David Song

  • The USDOLLAR may mount a larger rebound as U.S. Non-Farm Payrolls (NFP) are projected to increase another 180K in July, but a soft wage growth figure may drag on interest-rate expectations as the Federal Reserve continues to warn ‘market-based measures of inflation compensation remain low; most survey-based measures of longer-term inflation expectations are little changed, on balance, in recent months.’
  • Fed officials may come under increased pressure to raise the benchmark interest rate in 2016 especially as the U.S. economy approaches ‘full-employment,’ but the central bank may attempt to buy more time at the next quarterly policy meeting in September as Fed Funds Futures show a 12% probability for a rate-hike next month.
  • The USDOLLAR appears to be testing former-support around 11,951 (38.2% expansion) to 11,965 (23.6% retracement) for new resistance, with a failed attempt to close above the Fibonacci overlap to encourage a bearish outlook for the greenback.
DailyFX Calendar

Click Here for the DailyFX Calendar

Get our top trading opportunities of 2016 HERE

Read More:

S&P 500: Sharply Unchanged, Consolidating or Topping?

COT-British Pound Ownership Profile Warns of a Bottom

Post-Brexit NZDUSD Support Vulnerable to Weak NZ Trade Balance

USD/JPY July Recovery at Risk on Wait-and-See FOMC/BoJ Policy

--- 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.

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

DISCLOSURES

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.