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
EUR/USD
Bullish
Oil - US Crude
Bullish
Wall Street
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
Gold
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
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • Technology stocks continue to be a source of weakness for US equities, undermining risk appetite. Meanwhile, US-China tensions simmer beneath the surface creating uncertainty. Get your #equities update from @PeterHanksFX here: https://t.co/yH8oTwT3iW https://t.co/tvfrXThyaC
  • There are many different types of forex orders, which traders use to manage their trades. While these may vary between different brokers, there tends to be several basic FX order types all brokers accept. Learn about different FX order types here: https://t.co/lIJdiz4xSz https://t.co/Xi9QU3ADPF
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out: https://t.co/td5WA4hCZC https://t.co/cQwbeZ6Feq
  • #Oil prices saw a reprieve to the recent selling pressure but remain at risk while below downtrend resistance. Here are the levels that matter on the #WTI technical chart. Get your #commodities update from @MBForex here: https://t.co/CcXsF3JCMH https://t.co/RUmS1cX52v
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/5uSWKoLkd6 https://t.co/boEI8RuQdC
  • The growth-linked New Zealand Dollar may rise on the upcoming #RBNZ rate decision following rosy economic data. However, downside potential in the S&P 500 could offset $NZDUSD gains. Get your #currencies update from @ddubrovskyFX here: https://t.co/LfCe6C6G3P https://t.co/kUeBxxeaEf
  • It was a quiet week in Aussie as $AUDUSD put in its second consecutive week of indecision. But taking a more granular look highlights the potential for a reversal scenario. Get your #currencies update from @JStanleyFX here: https://t.co/PPK20nubAf https://t.co/0nfmRRFNnz
  • The S&P 500 pushed the market's comfort with a head-and-shoulders pattern through Friday's close. What should we look for in technical patterns, overlapping fundamental tides and speculative positioning for the likes of $EURUSD next week? https://www.dailyfx.com/forex/video/daily_news_report/2020/09/19/EURUSD-Pressure-Building-while-Anxious-Traders-Weigh-Did-SP-500-Break.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/lgVJVwi8th
  • Sterling remains trapped by overarching fundamentals drivers and both $GBPUSD and $EURGBP are going to have to wait until the Brexit dust settles. Get your #currencies update from @nickcawley1 here: https://t.co/vF1K1cy0nd https://t.co/NSA7qiQihc
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here:https://t.co/1oygcFMFNs https://t.co/d9EmTOHyTv
Japanese Yen Technical Analysis: USDJPY Rise Remains On Hold

Japanese Yen Technical Analysis: USDJPY Rise Remains On Hold

2017-10-11 03:00:00
David Cottle, Analyst
Share:

Talking Points:

  • USD/JPY hasn’t gone anywhere much on a daily closing basis for a couple of weeks
  • Still, the odds still seem to be in the US currency’s favour
  • EUR/JPY looks consolidative too, with near-term support holding

Where does the Japanese Yen stand in the retail foreign exchange pecking order? Check out the DailyFX Sentiment Page for more.

The Japanese Yen has had a pounding form the US Dollar since USD/JPY fought back from 2017’s low made on September 11.

However, that pounding has relented in the past couple of weeks with the pair stabilizing around the 112.70 area, having broken below the sharp uptrend that sustained its initial rise.

Japanese Yen Technical Analysis: USDJPY Rise Remains On Hold

That said it doesn’t look as though the Japanese currency is set for a more forthright attack on its US counterpart, with the current phase still looking like consolidation before another push higher.

This makes some sense in fundamental terms. Interest-rate differentials remain in overall charge and the Federal Reserve is still apparently intent on tightening the monetary screws in December should the data let it. The Bank of Japan meanwhile remains absolutely committed to leaving its own screws extremely loose until inflation rises sustainably to target, something it shows little sign of doing anytime soon, if any time at all.

Technically it would probably be good for the bulls if they can keep the pair above the 111.47 point which formed an intraday low on two consecutive days in late September. Below that there is a cluster of support which stems from an area where the US Dollar got stuck in July.

Japanese Yen Technical Analysis: USDJPY Rise Remains On Hold

Assuming these hold the Yen should come under renewed pressure in due course, with the bullish moving-average crossover I discussed in my last technical look at the currency still very much in play.

The Euro’s 2017 peak against the Japanese currency is more recent than the Dollar’s, having been made during late-September’s climb up to 134.37. EUR/JPY’s retracement since looks similarly consolidative to USD/JPY’s, however, and single-currency bulls are likely to remain pretty relaxed as long as near-term support holds.

That appears to come in in the 131.97 area which was both the closing high of September 12 and the point at which EUR/JPY bounced more recently, on October 8.

Japanese Yen Technical Analysis: USDJPY Rise Remains On Hold

--- Written by David Cottle, DailyFX Research

Contact and follow David on Twitter:@DavidCottleFX

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

DISCLOSURES