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
Oil - US Crude
Bullish
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
Bullish
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • (ASEAN Fundy) US Dollar Forecast: Stuck Between Treasuries, Equities as Emerging Markets Push On $USDSGD $USDTWD $USDPHP #EmergingMarkets #ASEAN https://www.dailyfx.com/forex/fundamental/article/special_report/2021/01/26/US-Dollar-Forecast-Stuck-Between-Treasuries-Equities-as-Emerging-Markets-Push-On.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/SVqNE5I4NV
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in US 500 are at opposite extremes with 68.42%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/5qXbmhK4TF
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.01% 🇨🇭CHF: -0.05% 🇪🇺EUR: -0.08% 🇨🇦CAD: -0.18% 🇳🇿NZD: -0.22% 🇦🇺AUD: -0.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/q1uXEuBA1M
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.08% Germany 30: -0.06% France 40: -0.14% Wall Street: -0.52% US 500: -0.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/bCGarAMjGk
  • Want to make trading decisions with confidence? Download you free guide to avoid hesitations in your trading decisions.https://t.co/00I3lH90OD #DailyFXGuides https://t.co/LEzeGkMlO6
  • Market Snapshot: Anti-risk USD and JPY outperforming Growth-linked Australian, New Zealand and Canadian Dollars underperforming Wall Street futures extending losses during Tuesday APAC trade Nikkei 225 (-1.0%), Hang Seng (-2.4%), Shanghai Composite (-1.2%) [delayed] -BBG
  • Gold and silver prices may continue to rise in the coming months on the back of falling real rates of return and the prospect of additional fiscal support under a Biden administration. Get your market update from @DanielGMoss here:https://t.co/OMNoNHn2vZ https://t.co/FyyPehAlJh
  • Thai Debt Chief Rules Out Additional Stimulus Borrowing For Now - BBG
  • The #HSI Hang Seng Index tumbled 2.5% as profit-taking kicked in among tech stocks: - Tencent (-5.94%) - Alibaba (-1.86%) - Meituan (-6.35%) - Xiaomi (-1.64%)
  • Will the Swiss Franc find reprieve after recent losses against the Canadian and New Zealand Dollars as NZD/CHF and CAD/CHF uptrends face key chart barriers? Find out from @FxWestwater here:https://t.co/c89gcaNhTt https://t.co/egDQcTpU87
Japanese Yen Technical Analysis: USD/JPY Falters At Range Top

Japanese Yen Technical Analysis: USD/JPY Falters At Range Top

David Cottle, Analyst

Talking Points:

  • USD/JPY has risen to its short-term range top
  • However it has yet to break and, if it’s going to, bulls need to get moving
  • GBP/JPY is gaining, and respecting its dominant uptrend

New to trading? This free DailyFX Guide was written for you

The Japanese Yen has faded a little against the US Dollar since the end of March.

USD/JPY is currently taking a shot at the top of the daily-chart range, which has effectively bounded trade since mid-February, at least on a daily-closing basis.

That top comes in at 107.46, just 30 points or so above the market at the time of writing (0149 GMT Wednesday).

There’s some fundamental justification for the push higher too. The US Dollar had suffered a little as worries about a trade war between China and the US pushed investors into perceived haven assets such as the Japanese Yen. However, the apparently more accommodating trade position struck by Chinese President Xi Jinping on Tuesday has seen risk appetite revived and the greenback back in the ascendant. Still, it would only take one adverse headline to see the doubters flood back into this market. Who would be bold enough to rule out that possibility?

And it is perhaps notable that not even the impulse provided by Xi has yet seen USD/JPY conclusively break that range top, and Dollar bulls may not have long to prove their case. The pair certainly looks more constructive from the bullish side. It has just chalked up a new higher high, pushing above such significant near-term tops as March 20’s peak of 106.90 and March 9’s 107.05.

However, the uncommitted may not find this the best time to enter this market. The week is all-but sure to resolve the puzzle either way, and it might be better to wait and see if the bulls can take the US Dollar past that key downtrend line before getting involved now.

Japanese Yen Technical Analysis: USD/JPY Falters At Range Top

The British Pound meanwhile is respecting the uptrend channel against the Japanese Yen which has been in force since at least March 19 and possibly March 6. Tuesday’s upward push faltered more or less exactly at the top of it, and it seems risky to play for a meaningful short-term break either way now.

Reverses will probably find support in the 149.85-150.53 region, which held the market in the last couple of weeks. Only if those were to give way would focus return to the up-channel bottom. Right now this comes in at 149.25 and there are no indications at present that sterling bears are prepared to push matters that far.

Japanese Yen Technical Analysis: USD/JPY Falters At Range Top

Resources for Traders

Whether you’re new to trading or an old hand DailyFX has plenty of resources to help you. There’s our trading sentiment indicator which shows you live how IG clients are positioned right now. We also hold educational and analytical webinars and offer trading guides, with one specifically aimed at those new to foreign exchange markets. There’s also a Bitcoin guide. Be sure to make the most of them all. They were written by our seasoned trading experts and they’re all free.

--- Written by David Cottle, DailyFX Research

Follow David on Twitter@DavidCottleFX or use the Comments section below to get in touch!

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

DISCLOSURES