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
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Dollar Index has broken major uptrend support and risks accelerated losses into the December open. Get your $USD technical analysis from @MBForex here:https://t.co/Txo8l8S1f1 https://t.co/YLVzP95JH8
  • The MACD is an indicator that uses exponential moving averages (EMA) to determine trend strength along with entry points based on crossovers. Find out how you can use the MACD as a buy/sell signal here: https://t.co/qxnP99uqTQ https://t.co/tGVqSZ2zK3
  • Support and resistance are the cornerstone of technical analysis, making it the foundation that you build your knowledge on. Build a stronger foundation here: https://t.co/yXLaRpl90I https://t.co/reMoYpqkQO
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here: https://t.co/Ye4m1FMKUW https://t.co/sqeRL7Rf7u
  • Cyclical and non-cyclical stocks can help diversify a trader’s equity portfolio. Get your guide to understanding these stocks here: https://t.co/h7BKTd2J8N https://t.co/ukOW0dWJxf
  • Beautifully put. https://t.co/0fBsmUH6Pb
  • Gold prices could claw back lost ground ahead of the non-farm payrolls report for November, buoyed by a dovish FOMC, falling real yields and rising inflation expectations. Get your $XAUUSD market update from @DanielGMoss here:https://t.co/3mqut0yQIQ https://t.co/nfyycibwKM
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4CnobJCss https://t.co/UWnLJHVPN4
  • Rather than focusing on earning a specific number of pips per day, traders need to focus on what can be controlled. In trading terms this relates to following a strategy perfectly, with no emotion or hesitation. Learn more here: https://t.co/6ZH026QLRN https://t.co/JJIyKh8r1l
  • That if you’re offended by what someone says on Twitter and that ruins your day, you live an extremely lucky life to be able to have that be your biggest problem for the day. https://t.co/H9KQjR3ViK
EUR/USD Carves Bearish Harami (Inside-Day), RSI Tracks 2015 Trend

EUR/USD Carves Bearish Harami (Inside-Day), RSI Tracks 2015 Trend

2017-01-30 15:56:00
David Song, Strategist
Share:

Talking Points:

- USD/JPY Continues to Track Risk Sentiment Ahead of BoJ; Monthly Opening Range in Focus.

- EUR/USD Risks Further Losses as Bearish Harami (Inside-Day) Takes Shape, RSI Responds to 2015 Trend.

DailyFX Table

Currency

Last

High

Low

Daily Change (pip)

Daily Range (pip)

USD/JPY

113.80

115.16

113.74

128

142

USD/JPY Daily

USD/JPY Daily Chart

Chart - Created Using Trading View

  • USD/JPY struggles to extend the near-term series of higher highs & lows as risk sentiment abates, with global benchmark equity indices under pressure going into the end of the month, but the failure to break/close below 112.40 (61.8% retracement) to 112.50 (38.2% retracement) keeps the topside targets in focus especially as the Relative Strength Index (RSI) appears to be deviating with price; will keep a close eye on the opening range for February as the pair continues to operate within a broader bull-flag formation.
  • The Bank of Japan (BoJ) is widely expected to retain the status quo at its first policy meeting for 2017 as the central bank continues to assess the impact of the quantitative/qualitative easing (QQE) program with Yield-Curve Control, but like the European Central Bank, Governor Haruhiko Kuroda and Co. may step up their efforts to stave off a ‘taper tantrum’ as they struggle to achieve the 2% target for inflation; deviating paths for monetary policy continues to cast a long-term bullish outlook for USD/JPY, with Fed Fund Futures still highlighting a 70% probability for a June rate-hike.
  • May see range-bound conditions going into the month ahead, with the topside capped by the Fibonacci overlap around 116.10 (78.6% expansion) to 116.60 (38.2% expansion).

Currency

Last

High

Low

Daily Change (pip)

Daily Range (pip)

EUR/USD

1.0691

1.0740

1.0620

2

120

EUR/USD Daily

EUR/USD Daily Chart

Chart - Created Using Trading View

  • The lack of momentum to break above the Fibonacci overlap around 1.0780 (100% expansion) to 1.0790 (38.2% expansion) shifts the near-term focus for EUR/USD, with the pair at risk for further losses especially as it carves a bearish harami (inside-day) going into the end of the month; will keep a close eye on the RSI as it appears to be responding to the downward trend carried over from 2015, with a break of the near-term bullish formation providing confirmation/conviction for a further decline in the euro-dollar exchange rate.
  • With a slew of European Central Bank (ECB) officials scheduled to speak over the coming days, the Euro-Zone’s Gross Domestic Product (GDP) report may fail to influence the near-term outlook for the single-currency as the monetary union is projected to expand another annualized 1.7% during the last three-months of 2016; in turn, the region’s Consumer Price Index (CPI) may get increased attention as the headline reading is expected to expand at the fastest pace since 2013, but President Mario Draghi and Co. may continue to highlight a dovish outlook for monetary policy and boost its efforts to ward off a ‘taper tantrum’ in order to further insulate the euro-area.
  • Downside targets stand on the radar going into February, with a break/close below 1.0600 (23.6% expansion) opening up the next region of interest around 1.0470 (38.2% expansion) to 1.0500 (50% expansion) followed by 1.0410 (61.8% expansion) to 10.420 (100% 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:

DailyFX Roundtable: BoJ, Fed and BoE Preview

GBP/USD to Take Cues From FOMC/BoE Interest Rate Outlook

Technical Weekly: Is USD/CHF the Tell?Gold Prices Back Below 1200- Here’s the Game Plan

--- 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