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
More View more
Real Time News
  • Heads Up:🇯🇵 Capital Spending YoY (Q4) due at 23:50 GMT (15min) Previous: -10.6%
  • 🇯🇵 Unemployment Rate (JAN) Actual: 2.9% Expected: 3% Previous: 2.9%
  • The US Dollar is trying to break higher versus ASEAN currencies. The Singapore Dollar, Philippine Peso, Thai Baht and Indonesian Rupiah are under pressure. Will follow-through last? Find out from @ddubrovskyFX here:
  • Heads Up:🇯🇵 Unemployment Rate (JAN) due at 23:30 GMT (15min) Expected: 3% Previous: 2.9%
  • Retail CFD traders (via IG) have flipped net long on the $SPX for the first time since the Pandemic low almost a year ago:
  • ...also for those without kids or are not inherently young at heart, March 2nd is Dr. Seuss's birthday.
  • The price of gold struggles to retain the rebound from the start of the week as longer-dated US Treasury yields hold above pre-pandemic levels. Get your $XAUSD market update from @DavidJSong here:
  • Uh oh. Another financial product/meme pivot. I think Elon is just a BTD kind of guy who is in tune with the social trading trends and wants to bring the retail crowd along with him. Would fit the essence of Tesla and Space X
  • Canadian #Dollar Forecast: $USDCAD Bears Fail at Support- March Levels -
  • I feel the LaserEyes trend is a more effective social spread because of the visual impact. Kind of disappointed the community hasn't gotten a more tangible visual cue for BTD / BTFD. Or maybe there is one and I'm just behind the trend....which happens a lot recently
USD/JPY Marches Towards 120.00, RSI Pushes Deeper Into Overbought

USD/JPY Marches Towards 120.00, RSI Pushes Deeper Into Overbought

David Song, Strategist

Talking Points:

- AUD/USD Outperforms Following Fed Rate-Hike, Strong Australia Employment.

- USD/JPY Marches Towards 120.00 as RSI Pushes Deeper Into Overbought Territory.






Daily Change (pip)

Daily Range (pip)








AUD/USD Daily Chart

Chart - Created Using Trading View

  • The Australian dollar is faring better than its major counterparts following the 2016 Fed rate-hike, but the broader outlook for AUD/USD is becoming increasingly tilted to the downside as a bear-flag formation appears to be playing out; may see a fresh series of lower highs & lows as the pair fails to preserve the ascending channel from the November low (0.7311), with the Relative Strength Index (RSI) highlighting a similar dynamic.
  • The 39.1K rise in Australia Employment accompanied by the pickup in the labor force participation rate may encourage the Reserve Bank of Australia (RBA) to retain the current stance at the next policy meeting on February 9 as ‘forward-looking indicators point to continued expansion in employment in the near term,’ and the aussie may continue to outperform especially against the Euro and the Japanese Yen as Governor Glenn Stevens and Co. appear to be gradually moving away from the easing cycle.
  • Downside targets remain favored as AUD/USD slips to fresh monthly lows, with a close below 0.7390 (38.2% retracement) opening up the next downside hurdle around 0.7330 (50% retracement) to 0.73350 (38.2% expansion), with the next region of interest coming in around 0.7290 (50% expansion).





Daily Change (pip)

Daily Range (pip)








USD/JPY Daily Chart

Chart - Created Using Trading View

  • It seems as though it will only be a matter of time before USD/JPY takes out the 120.00 handle and work its way towards 2016-high (121.69) as the pair starts to carve a series of higher highs & lows, while the momentum indicator continues to push into overbought territory; need to see the textbook RSI sell signal (move below 70) to raise the scope for a near-term pullback.
  • Even though the Bank of Japan (BoJ) is widely expected to retain the current program at its last 2016 interest rate decision on December 20, Governor Haruhiko Kuroda and Co. may keep the door open to further insulate the real economy especially as the Federal Open Market Committee (FOMC) stays on course to further normalize monetary policy in 2017; more of the same from the BoJ may do little to curb the resilience in the U.S. dollar as Fed Funds Futures now show an 80% probability for another rate hike in June 2017.
  • Break/close above the Fibonacci overlap around 118.30 (50% expansion) to 118.90 (50% expansion) may open up the next topside target around 119.90 (61.8% expansion) to 120.00 (38.2% expansion) as long as the RSI holds in overbought territory.

For More Updates, Join DailyFX Currency Analyst David Song for LIVE Analysis!

DailyFX Calendar

Click Here for the DailyFX Calendar

Get our top trading opportunities of 2016 HERE

Read More:

Gold Trades to New Lows, Silver Stays Stubbornly Strong

USD/CAD Technical Analysis: CAD Building Momentum Into LT Support

Technical Focus: EUR/USD - How Does this End?

GBP/USD Weakness to Be Viewed as Opportunity

--- 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.