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. See our updated Privacy Policy here.

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
Mixed
Oil - US Crude
Bullish
Wall Street
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
Gold
Bullish
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here: https://t.co/SQUCCYRCIk https://t.co/ltEO5dpKux
  • WTI crude oil is currently trading up against major resistance via the 2019 and 2020 highs within the confines of a channel; something has to give. Get your market update from @PaulRobinsonFX here: https://t.co/MO9foRjm2y https://t.co/YhBFdvZDEb
  • The Dow Jones and S&P 500 outlook appears bleak in the near term as retail traders increase their upside exposure. At the same time, these indices confirmed bearish technical warning signs. Get your market update from @ddubrovskyFX here:https://t.co/fKCHELbOxo https://t.co/eVDwmFTaIg
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/8B8hqHahm1
  • The US Dollar finished off an eventful week after CPI and retail sales injected volatility into markets. FOMC is now in the Greenback’s sights as taper talks linger. Get your market update from @FxWestwater here: https://t.co/MHi0lfQ93j https://t.co/4XetwYAaNd
  • Get your snapshot update of the of market open and closing times for each major trading hub around the globe here: https://t.co/BgZLFljIhZ https://t.co/ZZRLV0Wkea
  • The Nasdaq 100 index has likely formed a bearish Gartley pattern, which hints at further downside potential. Negative MACD divergence on the weekly chart suggests that upward momentum may be fading. Get your market update from @margaretyjy here: https://t.co/GkMEkVA7YR https://t.co/E1vyCMVt6K
  • 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/Ye4m1G4lMu https://t.co/2TpkkUu7Hg
  • Tesla boss Elon Musk is seemingly running the cryptocurrency market single-handed this week with his tweets prompting a massive sell-off before today’s sharp rally. Get your market update from @nickcawley1 here: https://t.co/qGci02osOP https://t.co/Yp24Sakrfl
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here: https://t.co/BnA07cMV0s https://t.co/LDP3HlN4A3
USD/JPY Carves Lower Highs & Lows Amid Failed Run at March High

USD/JPY Carves Lower Highs & Lows Amid Failed Run at March High

David Song, Strategist

Talking Points:

- NZD/USD Risks Larger Rebound as RSI Divergence Takes Shape.

- USD/JPY Carves Lower Highs & Lows; Outlook Mired by Failed Test of March High.

DailyFX Table

Currency

Last

High

Low

Daily Change (pip)

Daily Range (pip)

NZD/USD

0.6890

0.6918

0.6846

41

72

Kiwi pares the decline following the Reserve Bank of New Zealand (RBNZ) interest rate decision as the region’s 1Q Retail Sales report exceeded market expectations, with household spending expanding 1.5% amid forecasts for a 0.9% print. Despite the positive development, the broader outlook for NZD/USD remains tilted to the downside as Governor Graeme Wheeler and Co. stick to a dovish script, and the pair may continue to carve a longer-term series of lower-highs and lows throughout 2017 as the Federal Open Market Committee (FOMC) remains on course to further normalize monetary policy over the coming months.

NZD/USD Daily

NZD/USD Daily Chart

Chart - Created Using Trading View

  • Nevertheless. the recent decline in the exchange rate appears to be getting exhausted as the Relative Strength Index (RSI) deviates with price, and the rebound from the 2017-low (0.6818) may gather pace as the momentum indicator continues to come off of oversold territory and extends the bullish formation from March.
  • The series of failed attempts to close below the Fibonacci overlap around 0.6820 (23.6% retracement) to 0.6840 (38.2% retracement) raises the risk for a near-term correction in NZD/USD, with the first topside hurdle coming in around 0.6950 (38.2% retracement) to 0.6980 (23.6% expansion) followed by 0.7040 (50% retracement).

Have a question about the currency markets? Join a Trading Q&A webinar and ask it live!

Currency

Last

High

Low

Daily Change (pip)

Daily Range (pip)

USD/JPY

113.59

113.73

113.12

37

61

The Japanese Yen struggles to hold its ground as risk sentiment perked up during the European trade, but the USD/JPY exchange rate may continue to give back the advance from the April-low (108.13) as it carves a near-term series of lower-highs & lows.

Even though the Federal Open Market Committee (FOMC) is widely anticipated to deliver a 25bp rate-hike in June, market participants appear to be taming the longer-term outlook for monetary policy amid the mixed data prints coming out of the U.S. economy, with the downside targets in focus following the failed attempt to test the March high (115.50).

USD/JPY Daily

USD/JPY Daily Chart

Chart - Created Using Trading View

  • Broader outlook for USD/JPY has become increasingly constructive as the pair breaks out of the downward trending channel carried over from December, but the lack of momentum to break/close above 114.30 (23.6% retracement) may generate a near-term pullback especially as the RSI highlights a similar behavior and comes off of overbought territory.
  • In turn, USD/JPY may face a meaningful test over the coming days, with the Fibonacci overlap around 112.40 (61.8% retracement) to 112.80 (38.2% expansion) in focus as it lines up with former channel resistance; a meaningful reaction at the key region should defend a bullish outlook for the pair.
  • Nevertheless, a move back below 112.40 (61.8% retracement) may undermine the recent advance in the exchange rate and open up the next downside region of interest around 111.10 (61.8% expansion) to 111.60 (38.2% retracement).

Make Sure to Check Out the DailyFX Guides for Additional Trading Ideas.

IG Sentiment
  • Retail trader data shows 52.1% of traders are net-long NZD/USD with the ratio of traders long to short at 1.09 to 1. The number of traders net-long is 6.9% lower than yesterday and 7.2% lower from last week, while the number of traders net-short is 13.6% lower than yesterday and 16.2% higher from last week.
  • Retail trader data shows 47.6% of traders are net-long USD/JPY with the ratio of traders short to long at 1.1 to 1. The number of traders net-long is 0.5% higher than yesterday and 4.4% higher from last week, while the number of traders net-short is 6.7% higher than yesterday and 0.2% higher from last week.

For More Information on Retail Sentiment, Check Out the New Gauge Developed by DailyFX Based on Trader Positioning

DailyFX Calendar

Click Here for the DailyFX Calendar

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

--- 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