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
Bearish
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
Bearish
Gold
Bearish
GBP/USD
Bearish
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
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
More View more
Real Time News
  • What's the difference between leading and lagging indicators? Find out from here: https://t.co/vGx8HCagF5 https://t.co/qnQ8Cx0DKv
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5cVYOn https://t.co/RJLpBgS43V
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/6GrWzkOouM
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/lIUxpfSem3
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/8kBulRFd6l
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here: https://t.co/ZNs4Qi8ieG https://t.co/6u52PuzIaY
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/rHDy0XNZjQ
  • (Weekly Outlook) Australian Dollar Outlook: AUD/USD Divergence With Wall Street Risks Continuing #AUD $AUDUSD #Fed #Stocks https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/06/12/Australian-Dollar-Outlook-AUDUSD-Divergence-With-Wall-Street-Risks-Continuing.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/ryxG0fHmzd
  • The US Dollar steadied against most ASEAN currencies this past week. Key support levels remain in play looking at USD/SGD, USD/THB and USD/PHP. USD/IDR may rise with a new trendline. Get your market update from @ddubrovskyFX here:https://t.co/bpr5ZlKIcE https://t.co/0pskmzXZHi
  • EUR/USD has been looking toppy since late May as bearish technical signals played out. But, rising Euro short bets from retail traders hint that the currency may hold its footing. Get your market update from @ddubrovskyFX here:https://t.co/fAZijmQVqh https://t.co/pXICvFE007
USDJPY Technical Analysis: Overbought but Moving Higher

USDJPY Technical Analysis: Overbought but Moving Higher

Nick Cawley, Strategist

USDJPY Price, News and Analysis

  • USDJPY nears a fresh year-to-date high.
  • Technical analysis shows USDJPY overbought but retail remain short.

IG Client Sentimentshows traders are further net-short USDJPY than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger USDJPY-bullish contrarian trading bias.

USDJPY Likely to Move Higher; Dips May Provide Opportunities

USDJPY continues its breakout higher as trade tensions ease for now, dragging the risk-averse JPY lower. In addition, recent strong US economic data is pushing the greenback back towards multi-month highs as the interest rate differential between the US and Japan widens further. The Japanese two-year is trading at -0.129% while the US equivalent offers 2.595%.

Updated Q3 DailyFX USD and JPY Analysis and Forecasts.

US Dollar Basket Daily Price Chart (October 2017 – July 13, 2018)

USDJPY Technical Analysis: Overbought but Moving Higher

While fundamental analysis suggest that USDJPY will move higher, one technical indicator is flashing a warning signal and may dampen the move in the short-term. The Relative Strength Index (RSI) is trading in overbought territory and normally signals either an upcoming sell-off or at the least a period of consolidation. If the current political/trade war backdrop remains the same – and that may be a big if – any move lower may encourage dip-buying, with the May high at 111.400 and the 61.8% Fibonacci retracement at 110.877 the likely targets.

If retail sentiment is followed (see above) then traders who remain short of USDJPY may use any sell-off to cover their shorts. On the upside the December 12 high at 113.753 is the next target which then opens the way to the November 6 high at 114.736.

USDJPY Daily Price Chart (October 2017 – July 13, 2018)

USDJPY Technical Analysis: Overbought but Moving Higher

DailyFX has a vast amount of updated resources to help traders make more informed decisions. These include a fully updated Economic Calendar, and a raft of Educational and Trading Guides

--- Written by Nick Cawley, Analyst

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

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

DISCLOSURES