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
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
Bullish
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.18% Silver: 0.00% Gold: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/lgnQTs4F8U
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.18% 🇨🇦CAD: 0.17% 🇪🇺EUR: 0.15% 🇯🇵JPY: 0.06% 🇦🇺AUD: 0.06% 🇳🇿NZD: -0.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Tu1NZZUBBo
  • The $USD suddenly seems scarce amid the #coronavirus outbreak. That threatens short-term financing underpinning global supply chains, despite the Fed’s epic efforts. Get your US Dollar market update from @DavidCottleFX here:https://t.co/D2p2Vl2ORK https://t.co/56Iq8CmJ7Z
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.33% France 40: 1.21% Wall Street: 0.29% US 500: 0.26% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/zusHPHZgFm
  • Ripple IG Client Sentiment: Our data shows traders are now at their least net-long Ripple since Mar 29 when Ripple traded near 0.16. A contrarian view of crowd sentiment points to Ripple strength. https://www.dailyfx.com/sentiment https://t.co/TnhXuofL8C
  • #Bitcoin prices may see a pickup in volatility ahead of the 2020 halving as the #coronavirus pandemic threatens to disrupt cross-continental $BTC mining operations. Get your market update from @ZabelinDimitri here: https://t.co/BoH24MVf4P https://t.co/c7YqD7VXqc
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 94.72%, while traders in Wall Street are at opposite extremes with 78.06%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/OukR4dIlJc
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.18% Silver: 0.00% Gold: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/xivz7ptPMn
  • Hey, traders 👋 do you want live AMAS with our analysts, market updates and tools to improve your trading strategy? Join us now on Instagram! 👉 https://t.co/pHGzVMqsC4 https://t.co/EBCYaTLWGi
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.25% 🇳🇿NZD: 0.18% 🇪🇺EUR: 0.18% 🇨🇭CHF: 0.12% 🇯🇵JPY: 0.11% 🇬🇧GBP: 0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/aM45N7u2eL
Price & Time: Big Test Coming Up For USD/JPY

Price & Time: Big Test Coming Up For USD/JPY

2014-03-05 13:00:00
Kristian Kerr, Sr. Currency Strategist
Share:

Talking Points

  • USD/JPY closing in on key resistance
  • EUR/USD pulls back from important long-term resistance
  • USD/CAD retains positive tone

Unfamiliar with Gann Square Root Relationships? Learn more about them here.

Foreign Exchange Price & Time at a Glance:

Price & Time Analysis: EUR/USD

PT_MAR_5_body_Picture_3.png, Price & Time: Big Test Coming Up For USD/JPY

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD has come under modest pressure since failing last week near the 3x1 Gann angle line of the 2013 high at 1.3830
  • Our near-term trend bias is higher while above the 1.3655 2nd square root relationship of the 2013 high
  • The 2013 closing high near 1.3800 remains critical resistance and a daily close over this level is needed to confirm the start of a new move higher
  • The latter part of the week is a minor cycle turn window
  • A daily close below 1.3655 would turn us negative on the Euro

EUR/USD Strategy: Square here.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

*1.3655

1.3680

1.3730

1.3765

*1.3800

Price & Time Analysis: USD/CAD

PT_MAR_5_body_Picture_2.png, Price & Time: Big Test Coming Up For USD/JPY

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/CAD is in consolidation mode above the 50% retracement of the Jan/Feb range at 1.1065
  • Our near-term trend bias is positive in Funds while over 1.1010
  • Interim resistance is seen at the 1st square root relationship of the year’s high at 1.1120, but a move through 1.1190 is really required to signal that the broader advance has resumed
  • The second half of next week is a key cycle turn window
  • A close under 1.1010 would turn us negative on the exchange rate

USD/CAD Strategy: Like the long side while over 1.1010.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/CAD

*1.1010

1.1060

1.1080

1.1120

*1.1190

Focus Chart of the Day: USD/JPY

PT_MAR_5_body_Picture_1.png, Price & Time: Big Test Coming Up For USD/JPY

We had a good call last month in USD/JPY as we were looking for a low during the first week of February. The market gave us that turn, but the move higher from 100.75 has been very unimpressive especially when taking into account that the S&P 500 has rallied almost 8% during the same period. Has the trade favored by virtually every investment manager at the start of the year lost its way? It would seem so, but bulls still have some hope. The next few days look fairly positive from a short-term cyclical perspective. We expect to see another test of the critical 102.75 level (2nd square root relationship of the YTD low) which has capped the rate for almost a month now. A clear break of this level will likely put USD/JPY back in favor and set the stage for a much more aggressive rally into the middle of the month. Failure to surpass 102.75 and/or weakness back under 101.35 would be extremely negative for the exchange rate.

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

News & Analysis at your fingertips.