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.

Free Trading Guides
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
More View more
Real Time News
  • Geopolitical developments send #oil prices soaring or falling. Get your market update from @MartinSEssex here:https://t.co/XVXLyG8vjq #OOTT https://t.co/RMk5Eb5fLU
  • Negative yielding government bonds – What are they telling us? Find out from @nickcawley1 here: https://t.co/F6JuhmrvPT https://t.co/KdpSjQSJ8F
  • #Euro area stocks may be preparing to break the four-month uptrend built around hopes for a US-China trade deal and an orderly #Brexit outcome. Get your market update from @IlyaSpivak here: https://t.co/ujlCJiXLvh https://t.co/INdFtsrTTF
  • What is the top market moving theme for the coming week? I disagree with the majority. '$EURUSD, $GBPUSD and $AUDUSD Top Volatility Candidates With #Fed, #Election, #TradeWar' https://www.dailyfx.com/forex/video/daily_news_report/2019/12/07/EURUSD-GBPUSD-and-AUDUSD-Top-Volatility-Candidates-On-Fed-Election-Trade-War.html?CHID=9&QPID=917719 https://t.co/Q1dbZVN5Us
  • The Australian Dollar was focused on its home country in the past week, but that is likely to change sharply in the days ahead with major global risk events coming up. Get your $AUDUSD market update from @DavidCottleFX here: https://t.co/yZz3hCyVMx https://t.co/1xw1JHwd7l
  • The #Euro broke chart resistance, threatening to challenge the bounds of its longer -term downtrend against the $USD. Bulls may find it premature to celebrate however. Get your market update from @IlyaSpivak here: https://t.co/VfR13llYbW https://t.co/LiWTvIygxc
  • The $USD appears to be stalling against the Singapore Dollar, Malaysian Ringgit, Indonesian Rupiah and Philippine Peso, but technical analysis may still favor USD strength. Get your market update from @ddubrovskyFX here:https://t.co/AZp98MoXKo https://t.co/jgZMUFVGJB
  • The Indian Rupee soared after the Reserve Bank of India surprised with a rate hold. $USDINR may climb as support reinstates the uptrend ahead of Indian CPI and global trade tensions. Get your market update from @ddubrovskyFX here:https://t.co/QEOabsDfMn https://t.co/rqn8Zjrvkv
  • #Gold closed lower after paring early-week gains post-NFP on Friday. But will price finally break support? These are levels that matter on the $XAUUSD weekly chart. Get your $gld technical analysis from @MBForex here: https://t.co/RILBGhLAQZ https://t.co/q5znMUlEQA
  • German Bund Yields Update: 2-Year: -0.639% 3-Year: -0.651% 5-Year: -0.548% 7-Year: -0.480% 10-Year: -0.290% 30-Year: 0.228%
Japanese Yen Outlook: USD/JPY Drive Higher Stalls at Resistance

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

2019-11-18 21:00:00
Peter Hanks, Junior Analyst

Japanese Yen Outlook:

  • USD/JPY was recently rebuked at 109.5 and may look to support around 108 before a retest
  • A recent 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 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 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 last 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:Top Retail Stocks to Watch Ahead of Black Friday

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


News & Analysis at your fingertips.