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
EUR/USD
Mixed
GBP/USD
Mixed
USD/JPY
Bullish
Gold
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
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
Bitcoin
Bearish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.59%, while traders in France 40 are at opposite extremes with 77.37%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ptMwCK0s4P
  • Forex Update: As of 13:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.21% 🇯🇵JPY: 0.12% 🇨🇭CHF: -0.10% 🇨🇦CAD: -0.22% 🇦🇺AUD: -0.52% 🇳🇿NZD: -0.69% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/HDbe672ahy
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.52%, while traders in France 40 are at opposite extremes with 77.95%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/lXYqxrSYOx
  • LIVE NOW! Analyst and Editor @MartinSEssex will discuss the most important events and themes that have driven market sentiment and will drive it in the days ahead here - https://www.dailyfx.com/webinars/181540619?CHID=9&QPID=917720&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Silver: 0.47% Gold: 0.38% Oil - US Crude: -1.46% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/ebwfouQlSh
  • Canadian Dollar Weekly Forecast: USD/CAD Reverses Lower, What’s Next? More details in the link below: https://www.dailyfx.com/forex/technical/home/analysis/usd-cad/2020/02/18/Canadian-Dollar-Weekly-Forecast-USDCAD-Reverses-Lower-Whats-Next-MK.html?CHID=9&QPID=917714 https://t.co/EiVBMfDCrE
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.26% 🇯🇵JPY: 0.15% 🇨🇭CHF: 0.02% 🇨🇦CAD: -0.17% 🇦🇺AUD: -0.41% 🇳🇿NZD: -0.59% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/FwpqfFNv0d
  • My weekly free webinar on market sentiment is coming up at half past the hour. Do join me if you can. You can sign up here: https://www.dailyfx.com/webinars?ref-author=essex&QPID=917711&CHID=9
  • Indices Update: As of 11:00, these are your best and worst performers based on the London trading schedule: France 40: -0.40% US 500: -0.58% Germany 30: -0.64% Wall Street: -0.66% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/XGUopzAPTp
  • LIVE IN 30 MIN: Analyst and Editor @MartinSEssex will discuss the most important events and themes that have driven market sentiment and will drive it in the days ahead here - https://www.dailyfx.com/webinars/181540619?CHID=9&QPID=917720&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
Yen Patterns are Clear and Offer Opportunities

Yen Patterns are Clear and Offer Opportunities

2011-12-16 21:44:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:

Euro / Japanese Yen

300 Minute Bars

Yen_Patterns_are_Clear_and_Offer_Opportunities_body_eurjpy.png, Yen Patterns are Clear and Offer Opportunities

Prepared by Jamie Saettele, CMT

I wrote Wednesday that “weakness may be overextended near term and bounces should encounter resistance at 10180.” The high today is 10179 and the bounce is probably part of a 4th wave correction. Additional strength into 10200 is possible but I am looking for a drop to a new low and test of 10075 before a more substantial rally. Chart levels on a drop below 10075 are the June 2001 low at 9988 and the 2000 low at 8894.

British Pound / Japanese Yen

300 Minutes Bars

Yen_Patterns_are_Clear_and_Offer_Opportunities_body_gbpjpy.png, Yen Patterns are Clear and Offer Opportunities

Prepared by Jamie Saettele, CMT

A head and shoulders continuation pattern may be unfolding from the September low. The pattern is bearish (if confirmed) and a drop below 11934 would shift focus to the September low at 11683. The December high at 12265 is key to a near term bearish interpretation. 12115 continues to hold as resistance but a break above would shift focus to 12160/ 80. It’s worth noting that the last 3 days are dojis. The 3 day range is 12028 to 12114. These levels can serve as breakout points (stop on the other side).

Australian Dollar / Japanese Yen

300 Minute Bars

Yen_Patterns_are_Clear_and_Offer_Opportunities_body_audjpy.png, Yen Patterns are Clear and Offer Opportunities

Prepared by Jamie Saettele, CMT

The AUDJPY is holding under the 20 day average and focus remains lower towards the trendline that extends off of the October and November lows but the 61.8% retracement of the rally from 7477 has thwarted bears thus far. Trading above 7803 would trigger a change in bias and shift focus to 7890 and 8050.

Canadian Dollar / Japanese Yen

300 Minute Bars

Yen_Patterns_are_Clear_and_Offer_Opportunities_body_cadjpy.png, Yen Patterns are Clear and Offer Opportunities

Prepared by Jamie Saettele, CMT

The CADJPY decline is the most mature of the Yen crosses, as a 3 wave decline from 7735 may be nearing completion (notice that wave c is in 5 waves…unlike the AUDJPY). Expect support early next week from the October-November trendline, and short term downward sloping channel.

Euro / Australian Dollar

300 Minute Bars

Yen_Patterns_are_Clear_and_Offer_Opportunities_body_euraud.png, Yen Patterns are Clear and Offer Opportunities

Prepared by Jamie Saettele, CMT

A EURAUD triangle has been unfolding since January. Triangles consist of 5 waves (a-b-c-d-e) and sometimes one of the waves within a triangle is a triangle itself. That may be the case here with wave c. If it is, then the decline from 13809 is wave d and a final leg up into 13385-13485 (50%-61.8% retracement, 200 day average) will complete the triangle. Above 13809 would negate the pattern as described here.

Euro / British Pound

300 Minute Bars

Yen_Patterns_are_Clear_and_Offer_Opportunities_body_eurgbp.png, Yen Patterns are Clear and Offer Opportunities

Prepared by Jamie Saettele, CMT

EURGBP focus remains lower into the January low at 8284. Near term, a triangle may be unfolding from 8372 as a small 4th wave (resistance above 8424 is 8440). A drop into a new low would likely be followed by additional consolidation and yet another leg lower as per the graphic above.

Euro / Canadian Dollar

DailyBars

Yen_Patterns_are_Clear_and_Offer_Opportunities_body_eurcad.png, Yen Patterns are Clear and Offer Opportunities

Prepared by Jamie Saettele, CMT

The EURCAD found support ahead of its July and September lows and carved out a key reversal today. Divergence with momentum at recent lows favors a turn higher as well. Near term resistance is 13610 and 13711 (20 day average is at 13690).

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele

To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List" to jsaettele@dailyfx.com

Jamie is the author of Sentiment in the Forex Market.

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

DISCLOSURES

News & Analysis at your fingertips.