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
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
Bearish
Wall Street
Bullish
Gold
Mixed
GBP/USD
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
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
  • Join @DanielGMoss's #Webinar at 10:00 PM ET/2:00 AM GMT for his weekly coverage of trading prep for $AUDUSD in the week ahead. Register here: https://t.co/wi1qabrtHJ https://t.co/13qB60OlJV
  • Further gains in USD/IDR could be curbed as USD/PHP establishes a floor around 2017 lows. USD/MYR may fall next as USD/SGD fast approaches a key falling trend line.Get your #ASEAN currencies market update from @ddubrovskyFX here:https://t.co/9JgZm2n8Fl https://t.co/KqeCR8z3Du
  • RT @Reuters: U.S. Senate to begin debate on new coronavirus bill next week: McConnell https://t.co/qPKEV0fLa9 https://t.co/O33B0ITYaa
  • If you issued your own bond as a person (let's say 10y) how high do you think your yield would be?
  • Market snapshot: US equity futures up, #AUD, #NZD down.
  • Singapore Dollar cautiously weakens against the US Dollar following disappointing #Singapore GDP data $USDSGD #SGD https://t.co/7mRV62n82s
  • WOW Singapore Q2 GDP -41.2% on QoQ on an annualized basis. Est: -35.9% - BBG
  • This Singaporean GDP reading for the second quarter does not bode well for the 'rest of world' figures due over the next few weeks. I would not be surprised if China simply 'weathered' this global impact with Thursday's release... https://t.co/HiflgPvptk
  • 🇸🇬 GDP Growth Rate YoY Adv (Q2) Actual: -12.6% Expected: -10.5% Previous: -0.3% https://www.dailyfx.com/economic-calendar#2020-07-14
  • 🇸🇬 GDP Growth Rate QoQ Adv (Q2) Actual: -41.2% Expected: -37.4% Previous: -3.3% https://www.dailyfx.com/economic-calendar#2020-07-14
Japanese Yen Outlook: USD/JPY Drive Higher Stalls at Resistance

Japanese Yen Outlook: USD/JPY Drive Higher Stalls at Resistance

2019-11-13 21:00:00
Peter Hanks, Analyst
Share:

Japanese Yen Outlook:

  • USD/JPY was recently rebuked at 109.5 and may look to support around 108 before a retest
  • Wednesday’s trade-talk snag could serve to pressure the US Dollar further
  • Still, USD/JPY is in the midst of a larger downtrend that could see resistance overpower bullish intent

Japanese Yen Outlook: USD/JPY Drive Higher Stalls at Resistance

The Japanese Yen may look to recapture lost ground after USD/JPY recently stalled at resistance around 109.5. The Fibonacci level helped to keep a lid on prices upon the previous test, back in early August, and could look to do so again before the nearby descending trendline is required. Further, a break below the 200-day simple moving average around 109 could work to keep USD/JPY contained.

USD/JPY Price Chart: Daily Time Frame (September 2018 – November 2019) (Chart 1)

USDJPY Daily Price Chart

Chart created with TradingView

Evidently, USD/JPY will have to surmount a plethora of technical resistance if it is to reverse its longer-term downtrend. Recent gains have been largely fueled by an improvement in risk appetite and the Fed’s decision to pause further monetary easing, but the shift has carried the pair only as far as its 200-day moving average. Thus, USD/JPY may experience undergo another retracement before a subsequent retest. With that in mind, the pair may look to employ support around 108 which has influenced price in the past and is marked by a Fibonacci level.

If broken, subsequent buoyancy may reside around 107.25, an area which has stalled previous attempts lower. Regardless, a material breakdown in US-China trade negotiations could seriously undermine USD/JPY’s standing and threaten to undo recent improvements in the US Dollar’s standing.

After it was announced on Wednesday that the talks have hit a snag on agricultural purchases, the likelihood of a phase one deal has decreased and the outlook for USDJPY has weakened simultaneously. Therefore, resistance to the topside may prove to be insurmountable given the slight shift in the underlying fundamental landscape – a development that could open the door to further Japanese Yen gains.

--Written by Peter Hanks, Junior Analyst for DailyFX.com

Contact and follow Peter on Twitter @PeterHanksFX

Read more:Black Friday & the Stock Market: Economy, Consumers & Shares

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

DISCLOSURES

News & Analysis at your fingertips.