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.

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
Bullish
Oil - US Crude
Bearish
Wall Street
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
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • After a strong breakout this summer, Gold prices have now spent almost six months digesting. Get your $XAUUSD market update from @JStanleyFX here:https://t.co/H7k5kv4N5i https://t.co/shvReKpe1U
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Germany 30 are at opposite extremes with 70.32%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ivQLPokYOs
  • The US Dollar is now trading lower again. After hitting an intraday low around 90.15, the $DXY rebounded to 90.25 but has turned toward again, falling back below 90.20. $USD https://t.co/xyglMBmakL
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: France 40: 0.14% Wall Street: 0.06% US 500: 0.03% Germany 30: 0.02% FTSE 100: -0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/SbFlX1iTdj
  • #Gold is consolidating slightly higher this week, around $1,850, after the precious metal's failed attempt at breaking above the $1,870 level last week. $XAU $GLD https://t.co/MyeWiBSQZR
  • US 10yr yields have notably tightened, falling from 1.10% yesterday to trade around 1.04% today. Yields still remain elevated in 2021 compared to earlier in the pandemic. $GOVT $IEF $USD https://t.co/uT27KDUkhM
  • Hey traders! Get your Tuesday market update from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/WPk9aapKhs
  • $EURGBP is currently trading around 0.8855, nearing the lows set around 0.8840 last week. A break below this level would mark the pair's lowest level since May. $EUR $GBP https://t.co/QinuctvrVK
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Germany 30 are at opposite extremes with 70.50%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/B4i5VeBnUE
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Silver: 0.50% Gold: -0.17% Oil - US Crude: -0.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/1n9eel9mPM
Price & Time: The Next Couple of Trading Days Are Critical For USD/JPY

Price & Time: The Next Couple of Trading Days Are Critical For USD/JPY

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • USD/JPY enters into important cycle turn window
  • EUR/USD broad decline under threat
  • USD/CAD nearing important support

Looking for real time Forex analysis throughout the day? Try DailyFX on Demand.

Foreign Exchange Price & Time at a Glance:

Price & Time Analysis: EUR/USD

PT_JAN_24_body_Picture_3.png, Price & Time: The Next Couple of Trading Days Are Critical For USD/JPY

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD reversed sharply from the 3rd square root relationship of the 2013 high on Thursday to trade at its highest level in three weeks
  • Our near-term trend bias is lower in the Euro while below the 2013 closing high near 1.3800
  • A close back under the 2nd square root relationship of the 2013 high at 1.3655 is needed re-instill downside momentum
  • A turn window is seen around the middle of next week
  • A close over 1.3800 would shift our near-term trend bias to positive

EUR/USD Strategy: Like the short side while 1.3800 holds.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

1.3595

*1.3655

1.3715

*1.3800

1.3825

Price & Time Analysis: USD/CAD

PT_JAN_24_body_Picture_2.png, Price & Time: The Next Couple of Trading Days Are Critical For USD/JPY

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/CAD touched its highest level since July of 2009 on Thursday before reversing sharply
  • Our near-term trend bias remains higher in USD/CAD while above 1.0960
  • The year-to-date high near 1.1170 is now a clear near-term upside pivot with strength above needed to prompt the next leg higher in Funds towards a Fibonacci attraction at 1.1235
  • The next important cycle turn window in USD/CAD is seen around the middle of February
  • On a daily close below the 2nd square root realtionship of the year’s high at 1.0960 would turn us negative on the exchange rate

USD/CAD Strategy: We like the long side while over 1.0960.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/CAD

*1.0960

1.1055

1.1070

1.1135

*1.1170

Focus Chart of the Day: USD/JPY

PT_JAN_24_body_Picture_1.png, Price & Time: The Next Couple of Trading Days Are Critical For USD/JPY

The next couple of trading days are critical for USD/JPY from a short-term cyclical perspective. If the price action of the past couple of days has just been a shakeout of stale long positions then the exchange rate should turn up by the end of the day on Monday at the latest. If USD/JPY fails to mount a recovery during this turn window then it will send a powerful message to us that the medium-term trend has indeed changed and that a more serious decline is likely to follow. Key support is seen at the 38% retracement of the October to January advance near 102.00. Traction above the mid-January low of 102.85 would signal that the rate has turned.

To receive other reports from this author via e-mail, sign up to Kristian’s e-mail distribution list via this link.

--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

This publication attempts to further explore the concept that mass movements of human psychology, as represented by the financial markets, are subject to the mathematical laws of nature and through the use of various geometric, arithmetic, statistical and cyclical techniques a better understanding of markets and their corresponding movements can be achieved

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter @KKerrFX

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

DISCLOSURES