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
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
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
Wall Street
Bearish
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
Bearish
More View more
Real Time News
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrLeetw https://t.co/1w7E3aiWV1
  • A “PIP” – which stands for Point in Percentage - is the unit of measure used by forex traders to define the smallest change in value between two currencies. Learn how to understand pips in forex here: https://t.co/AfAhmI7kAV https://t.co/JiZPRZzwgo
  • RT @IGSquawk: Crypto update: #Bitcoin 56398.30 -7.34% #Ether 2213.91 -7.42% #BitcoinCash 925.49 -12.24% #EOS 6.8039 -15.98% #Stellar 0.5276…
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkzWwW https://t.co/rJUm1W9wrc
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZjVIG https://t.co/oZPoyPH2iw
  • Using margin in forex trading is a new concept for many traders, and one that is often misunderstood. Margin is the minimum amount of money required to place a leveraged trade and can be a useful risk management tool. Learn about margin trading here: https://t.co/qZCE5asCzM https://t.co/yN1I9FrfIS
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here: https://t.co/5l3O9aHQbL https://t.co/DFEfCIl7zF
  • Thin liquidity can concentrate volatility and nowhere is that more evident than with Dogecoin. $DOGEUSD was down as much as 38% today. Watch for heightened bouts of volatility amid quiet risk trends in the week ahead: https://www.dailyfx.com/forex/video/daily_news_report/2021/04/17/Dollar-Outlook-Ties-Into-Key-Data-Rate-Forecasts-and-Even-Dogecoins-Rally-.html https://t.co/JO7O7zUKe9
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZjVIG https://t.co/Vv3jZNbLWg
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkzWwW https://t.co/9j004hyzUZ
USD/JPY Might Trade Sideways Until February

USD/JPY Might Trade Sideways Until February

Jamie Saettele, CMT, Sr. Technical Strategist
  • NZD/USD acting well
  • USD/JPY sideways until February?
  • USD/CAD topping process?

--Subscribe to Jamie Saettele's distribution list in order to receive a free report to your inbox several times a week.

--For more analysis and trade setups (including current positions and the ‘watchlist’), visit SB Trade Desk

EUR/USD

Weekly

USD/JPY Might Trade Sideways Until February

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader

-For months, FX Technical weekly has been steadfast in that “support is estimated in the mid-1.0800s. Resistance is estimated in the mid-1.1400s (May and June high are 1.1435/65). A break on either side would indicate potential for a larger move.” EUR/USD traded 1.1494 (a bit above the cited level) 2 weeks ago and down to 1.0897 this week. This is support near term. Failure to hold here would make a breakdown a reality. It’s decision time.

GBP/USD

Weekly

USD/JPY Might Trade Sideways Until February

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader

-The long term tradable slope in GBP/USD is best described by the line that extends off of the 2009 and 2011 highs and its associated parallels. Right now (10/30) is trading ‘no man’s land’ (not at support and we’re not at resistance) but resistance is 1.5800-1.6000…if it gets there.

AUD/USD

Weekly

USD/JPY Might Trade Sideways Until February

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader

-The AUD/USD rally failed 3 weeks ago (we were looking towards .7530-.7625) but bears aren’t in the clear here either. This week’s low registered at a long term median line (albeit downward sloping). Countertrend advances have materialized off of this line time and time again so respect potential for something other than another breakdown.

NZD/USD

Weekly

USD/JPY Might Trade Sideways Until February

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader

-NZD/USD continues to act well. After breaking through the August high 2 weeks ago, the rate has put in 2 weeks of consolidation and maintained the breakout level. FXTW maintains that “there probably isn’t solid resistance until near .70. .70 represents channel resistance and the 200 day average.”

USD/JPY

Weekly

USD/JPY Might Trade Sideways Until February

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader

-USD/JPY continues to fail in the vicinity of the December 2014 and March 2015 highs. In fact, price action since December 2014 could be forming a giant head and shoulders top. Even if that is the case, sideways action could stretch into February (time of consolidation from Dec 2014 to May = time of consolidation from August 2015 to February 2016).

-Previous comments are still valid; “June’s trade produced a monthly key reversal in USD/JPY. This key reversal didn’t form just anywhere…it formed at the line that connects the 1995 and 2005 lows. That line was support in 2007 and resistance before the 2008 collapse. The time element is interesting of course too (MAJOR turn every 10 years in USDJPY). Bottom line, the key reversal may have signaled a multi-year top in USD/JPY.”

USD/CAD

Weekly

USD/JPY Might Trade Sideways Until February

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader

-FXTW wrote previously that “USD/CAD has plummeted from several pips shy of the long term Fibonacci retracement at 1.3462 (61.8% retracement of 2002-2007 decline). The current juncture, defined by the March high at 1.2834 and a slope level near 1.2720, could influence for a bounce but the larger trend has changed (it’s down).” This week’s bearish key reversal could signal the beginning of the next leg lower although price does need to crack the October low in order to instill confidence in the idea.

USD/CHF

Weekly

USD/JPY Might Trade Sideways Until February

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader

-“Alternating and contracting moves since March probably compose a triangle. The implication is that the USD/CHF range tightens some more before the rate attempts an important directional move. Which way? I don’t know but if it’s higher then the 2006-2008 trendline comes into play and a break above there would be significant (as in going to 1.20+).” USD/CHF has broken out of its triangle but this the rate still faces the mentioned trendline. If the move higher is the ‘real deal’, then the top side of the triangle line should provide support.

BONUS CHART

BTC/USD (Bitcoin)

Weekly

USD/JPY Might Trade Sideways Until February

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader

-BTC/USD has broken out from a 10 month sideways base. This is bullish until noted otherwise.

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

DISCLOSURES