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
Bullish
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
Oil - US Crude
Bullish
Wall Street
Mixed
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • Hungary PM Orban's Chief of Staff says we will veto EU Budgets as we have not received any new proposals $EUR
  • An economic calendar is a resource that allows traders to learn about important economic information scheduled to be released. Stay up to date on the most important global economic data here: https://t.co/x8IUl8AE3A https://t.co/AD1xGuQfWI
  • Irish Foreign Minister says outstanding issues are proving very very difficult
  • Irish Foreign Minister says EU-UK negotiations are very difficult at the moment but we are hopeful of a positive outcome
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 92.57%, while traders in NZD/USD are at opposite extremes with 74.11%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/JBeus3UZim
  • Savage sell-off in the cryptocurrency space...#btc #eth #xrp #ltc @DailyFXTeam https://t.co/gtF3Bhaubv
  • 🇸🇪 Riksbank Rate Decision Actual: 0% Expected: 0% Previous: 0% https://www.dailyfx.com/economic-calendar#2020-11-26
  • Commodities Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Gold: 0.42% Silver: 0.32% Oil - US Crude: -1.59% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/lxXmaZtMPw
  • Gold Price Drop May Continue as Fed Stimulus Bets Unravel - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2020/11/26/Gold-Price-Drop-May-Continue-as-Fed-Stimulus-Bets-Unravel.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #XAUUSD #gold #Fed https://t.co/Aq2pqtRQgC
  • Forex Update: As of 08:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.18% 🇪🇺EUR: 0.16% 🇨🇭CHF: 0.12% 🇦🇺AUD: 0.01% 🇳🇿NZD: -0.01% 🇬🇧GBP: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/FQeyBoLLWV
USD/JPY Initiates Higher Highs & Lows as Risk Appetite Picks Up

USD/JPY Initiates Higher Highs & Lows as Risk Appetite Picks Up

2017-01-26 17:15:00
David Song, Strategist
Share:

Talking Points:

- USD/CAD Struggles Again Ahead of October Low (1.3006); 2016 Trend Remains in Play..

- USD/JPY Initiates Series of Higher Highs & Lows as Risk Appetite Picks Up.

DailyFX Table

Currency

Last

High

Low

Daily Change (pip)

Daily Range (pip)

USD/CAD

1.3108

1.3131

1.3054

38

77

USD/CAD Daily

USD/CAD Daily Chart

Chart - Created Using Trading View

  • USD/CAD may stage another run the October low (1.3006) as it extends the series of lower highs & lows from earlier this week, but failure to test the monthly low (1.3019) will keep the broader outlook tilted to the topside as the pair preserves the upward trending channel carried over from the previous year; will also keep a close eye on crude as oil prices appear to be showing a similar dynamic and struggle to make another run at the $55 handle.
  • As ‘Canada’s economy continues to operate with material excess capacity,’ the Bank of Canada (BoC) may come under pressure to further embark on its easing-cycle especially as Governor Stephen Poloz and Co. warn ‘inflation in Canada has been lower than anticipated since October;’ in turn, the Federal Reserve’s February 1 interest rate decision may keep the bullish outlook in play as central bank officials see scope for two or three rate-hikes in 2017.
  • The string of failed attempts to close below 1.3030 (50% retracement) continues to instill a long-term bullish outlook for USD/CAD, with the first topside hurdle coming in around 1.3160 (61.8% retracement) followed by the Fibonacci overlap around 1.3290 (61.8% expansion) to 1.3350 (78.6% retracement).

Currency

Last

High

Low

Daily Change (pip)

Daily Range (pip)

USD/JPY

114.70

114.86

113.05

142

181

USD/JPY Daily

USD/JPY Daily Chart

Chart - Created Using Trading View

  • The pickup in risk appetite may open up the topside targets for USD/JPY as it starts to carve a near-term series of higher highs & lows, and the pair may work its way back towards the monthly opening range amid the ongoing advance in the global benchmark equity indices; may see the bull-flag formation continue to take shape especially as the Relative Strength Index (RSI) threatens the downward trend carried over from the previous month, with a break of trendline resistance heightening the scope for a larger recovery in the dollar-yen exchange rate.
  • With Fed Fund Futures now projecting a 75% probability for a June rate-hike, the first interest rate decision for 2017 may keep the dollar afloat as Chair Janet Yellen and Co. endorse a hawkish outlook for monetary policy and argue the central bank is ‘closing in’ on its dual mandate; nevertheless, the mixed data prints coming out of the U.S. economy may produce near-term headwinds for the greenback especially as the advance 4Q Gross Domestic Product (GDP) report is expected to show the economy growing an annualized 2.2%, while the core Personal Consumption Expenditure (PCE), the Fed’s preferred gauge for inflation, is anticipated to slow to an annualized 1.4% from 1.7% during the three-months through September.
  • The failed attempt to break/close below 112.40 (61.8% retracement) to 112.50 (38.2% retracement) keeps the topside targets in focus going into the end of the month, with the next topside hurdle coming in around 114.60 (23.6% expansion) followed by 116.10 (78.6% expansion) to 116.60 (38.2% expansion).

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

Click HERE for the Entire DailyFX Webinar schedule.

DailyFX Calendar

Click Here for the DailyFX Calendar

If you’re looking for trading ideas, check out our Trading Guides.

Read More:

S&P 500 Technical Analysis: Short-term Chart Pattern in View

Brexit Briefing: British Pound Gathers Strength, Supreme Court Vote Ahead

Silver Prices: Trading Levels in Play

Gold Off Key Resistance- Trump, US GDP to Determine Depth of Correction

--- 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