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
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Risk aversion is starting to take serious traction but the Dollar is also climbing after Powell's failed attempt to soothe markets. That said, I'm watching $USDJPY (sentiment below) along with the Nasdaq 100. My analysis: https://www.dailyfx.com/forex/video/daily_news_report/2021/03/05/USDJPY-Charges-Higher-Between-Post-Powell-Yield-Rally-and-Nasdaq-Breakdown.html https://t.co/ZskVYuIpLT
  • Copper is on track to make a sixth consecutive monthly gain as prices inch towards its all-time high. The global backdrop remains supportive despite a short-term pause in the rally. Get your market update from @FxWestwater here:https://t.co/STEYeIG042 https://t.co/5InKDnWH1C
  • RT @globaltimesnews: China's GDP growth target in 2021: above 6 % #TwoSessions2021 https://t.co/3CdQNNOprX
  • Retail trader signals still hint that the Dow Jones and S&P 500 may be at risk, placing the focus on year-long rising trendlines to see if dominant upside biases hold.Get your market update from @ddubrovskyFX here:https://t.co/lFpzIFNmzW https://t.co/ScKuhjL27N
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.84% Gold: -0.18% Silver: -0.66% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/0ehtSBFwit
  • BoJ's Kuroda: Importance of keeping yield curve low remains unchanged, appropriate to increase flexibility of ETF purchases -BBG
  • BoJ's Kuroda: Don't think it is necessary to expand long-term yield band -BBG
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.06% 🇬🇧GBP: 0.06% 🇨🇦CAD: 0.05% 🇪🇺EUR: -0.08% 🇦🇺AUD: -0.12% 🇳🇿NZD: -0.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/sirt9n9Boq
  • Japan's Prime Minister Suga: Hard to restart 'go to' travel within this fiscal year -BBG
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.79%, while traders in GBP/JPY are at opposite extremes with 69.67%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/hSQ1fvmKmy
USD/JPY Gaining Momentum Off Range Lows

USD/JPY Gaining Momentum Off Range Lows

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • Testing key resistance zone
  • Cyclical picture turning more positive

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

Trading in USD/JPY has been frustrating (to say the least) over the past few months as the rate has been locked in a contracting range above 100.75. The cyclical outlook of the exchange rate, however, suggests that this regime could be about to change as several important relationships converged around the time of the month-to-date low at 101.05. Admittedly momentum has been lacking since that low, but the rate has begun to show some signs of life over the past few sessions with a break above a couple of key Gann lines in the 101.80 area (see chart below). A daily close above this level will be a strong first step, but the month-to-date high at 102.25 really needs to be overcome to signal to us that something more important is indeed developing on the upside. Any weakness back under 101.05 would invalidate this burgeoning positive view.

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

USD/JPY Daily Chart: July 25, 2014

USD/JPY Gaining Momentum Off Range Lows

Charts Created using Marketscope – Prepared by Kristian Kerr

Key Event Risk in the Sessions Ahead:

USD/JPY Gaining Momentum Off Range Lows

LEVELS TO WATCH

Resistance: 102.00 (Psychological), 102.25 (MTD high)

Support: 101.35 (Gann), 101.05 (MTD low)

Strategy: Buy USD/JPY

Entry: More aggressive traders can look to buy on a daily close above 101.80, while more cautious traders can wait for a move through 102.25 to position.

Stop: 1-day close below 101.05

Target: Open

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

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

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

DISCLOSURES