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
Oil - US Crude
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
  • 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/HGWZikGQAa
  • Brush up your knowledge on trade-wars with this tool from DailyFX research briefly outlining trade-war history dating back to the early 1900s here: https://t.co/bZEFtp8kFe https://t.co/2cQ0JgAfh7
  • Crude oil prices collapsed on Monday despite an OPEC+ breakthrough, driven by Covid-induced demand woes. Meanwhile, Gold is at odds with a stronger US Dollar and falling Treasury yields. Get your #crudeoil market update from @FxWestwater here:https://t.co/H1vmag8d1k https://t.co/1zuPdKUmyE
  • AUD/USD is likely to face increased volatility over the coming days as it faces a batch of key event risks going into the end of July. Get your Australian Dollar forecast from @DavidJSong here: https://t.co/qFpg0DCxxL https://t.co/quQxg4WBy3
  • The US Dollar outlook against ASEAN currencies like the Singapore Dollar, Thai Baht, Indonesian Rupiah and Philippine Peso remains bullish amid capital outflows risks as Covid cases swell. Get your market update from @ddubrovskyFX here:https://t.co/vRUVxvQP8o https://t.co/cUEkW9BfIP
  • Is investing in your favorite brand or buying its products the better financial move? Read the article for a breakdown. https://t.co/iWOlDAK8cD https://t.co/0uS5VvWj12
  • Crude oil prices collapsed on Monday despite an OPEC+ breakthrough, driven by Covid-induced demand woes. Meanwhile, Gold is at odds with a stronger US Dollar and falling Treasury yields. Get your #crudeoil market update from @FxWestwater here:https://t.co/H1vmag8d1k https://t.co/PW5pCw9dKR
  • The Japanese Yen has been making a comeback, but it may soon resume its decline against the US Dollar as USD/JPY consolidates within a bullish Falling Wedge. Watch for a breakout. Get your market update from @ddubrovskyFX here:https://t.co/zxRWoNR4lS https://t.co/bXTx0TSRmU
  • BTC/USD treading water sideways, 28600 the big level to watch. ETH/USD working on forming a nice-looking descending wedge. Get your market update from @PaulRobinsonFX here:https://t.co/H1qOV4FR1P https://t.co/tjutUl7Nt7
  • Gold hasn’t been very active the past few sessions, but that could change next week and provide a stronger trading bias. Get your weekly gold technical forecast from @PaulRobinsonFX here: https://t.co/HaEe3i4Sug https://t.co/LsARS2mnFI
Japanese Yen Forecast: USD/JPY Approaches Multi-Year Significant Level

Japanese Yen Forecast: USD/JPY Approaches Multi-Year Significant Level

Justin McQueen, Analyst

Japanese Yen, JPY Price Analysis & News

  • USD Weaker on Likely Biden Presidency
  • Watch US Yields for USD/JPY Direction
Advertisement

USD Weaker on Likely Biden Presidency

Despite the fact that the results of the US election have yet to be confirmed, markets are continuing to price in the increasing likelihood of a Biden presidency with a Republican senate, which has driven the US Dollar lower across the board and thus has been a goldilocks scenario with risk sentiment firmer. In turn, with the weaker dollar, this has brought USD/JPY back to within close vicinity to the 104.00 handle, which has been a significant level that the pair has rarely held below in the past 5yrs.

Japanese Yen Forecast: USD/JPY Approaches Multi-Year Significant Level

Source: Refinitiv

Watch US Yields for USD/JPY Direction

Another factor to keep in mind for USD/JPY is US treasury yields, which have come off significantly in the past 24hrs from a peak of 90bps to 73bps at the time of writing. As such, this will be key for the direction in USD/JPY. Volatility in USD/JPY remained muted despite the US Election with the BoJ making sure they had all hands on deck.

BoJ Governor Kuroda “many in markets worry about impact of US elections on FXmoves, but USD/JPY moving stably in narrow range, will carefully watch FX market developments”

In turn, with the absence of renewed risk aversion, the 104.00 handle could perhaps be a tough level to break, particularly as this level has previously seen Japanese Officials step up their intervention rhetoric, prompting the pair carve a triple bottom.

Japanese Yen Forecast: USD/JPY Approaches Multi-Year Significant Level

Source: Refinitiv

USD/JPY Technical Levels

Near-term support resides at the psychological 104.00 handle, where a break below opens the door to 103.50-60. On the topside, offers from 105.00 and 105.33 (50DMA) are likely to keep upside limited.

Option expiries: 103.00 ($1.26bln), 104.00 ($493mln), 105.00 ($750mln)

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

DISCLOSURES