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. See our updated Privacy Policy here.

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
Bearish
Wall Street
Bullish
Gold
Bearish
GBP/USD
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
USD/JPY
Bullish
More View more
Real Time News
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.48% Silver: 0.09% Gold: -0.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/RXJn9uLVkx
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/6NLFoLgfs0
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.18% 🇯🇵JPY: 0.10% 🇪🇺EUR: 0.10% 🇨🇦CAD: 0.09% 🇬🇧GBP: 0.02% 🇨🇭CHF: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/GIHMI8cSUG
  • 🇪🇸 GDP Growth Rate QoQ Final (Q1) Actual: -0.4% Expected: -0.5% Previous: 0.0% https://www.dailyfx.com/economic-calendar#2021-06-24
  • 🇪🇸 GDP Growth Rate YoY Final (Q1) Actual: -4.2% Expected: -4.3% Previous: -8.9% https://www.dailyfx.com/economic-calendar#2021-06-24
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: France 40: 0.37% Wall Street: 0.29% Germany 30: 0.28% US 500: 0.21% FTSE 100: 0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/mQrUIe36of
  • 🇫🇷 Business Confidence (JUN) Actual: 107 Expected: 109 Previous: 107 https://www.dailyfx.com/economic-calendar#2021-06-24
  • Heads Up:🇪🇸 GDP Growth Rate QoQ Final (Q1) due at 07:00 GMT (15min) Expected: -0.5% Previous: 0.0% https://www.dailyfx.com/economic-calendar#2021-06-24
  • Heads Up:🇪🇸 GDP Growth Rate YoY Final (Q1) due at 07:00 GMT (15min) Expected: -4.3% Previous: -8.9% https://www.dailyfx.com/economic-calendar#2021-06-24
  • Heads Up:🇫🇷 Business Confidence (JUN) due at 06:45 GMT (15min) Expected: 109 Previous: 107 https://www.dailyfx.com/economic-calendar#2021-06-24
USD/JPY: Dollar Bulls May Be Running Low on Steam

USD/JPY: Dollar Bulls May Be Running Low on Steam

Peter Hanks, Strategist

Technical Forecast for Japanese Yen: Neutral

Talking Points:

  • Daily USDJPY chart shows the pair testing a trend line from August 2015
  • Daily chart shows RSI moving into oversold territory, currently around 45
  • A series of lower highs and lower lows may suggest dollar bears can take over

Check out our Client Sentiment Pageto see where clients are positioned for different pairs.

The Dollar-Yen pair continued to travel nowhere quickly this week, but a series of lower highs and lows may mean bulls are running out of steam. Falling off of levels near the 2018 open in mid-July, the dollar has shed some ground in recent weeks.

USD/JPY Price Chart 24-Hour Time Frame, January 2017 to Present

USD/JPY: Dollar Bulls May Be Running Low on Steam

Early this week, a move higher was attempted but ultimately reversed as the pair tested a trend line originating in August 2015 on Friday but ultimately closed above. The consistent inability for the pair to move higher after its most recent top in mid-July and a falling RSI may combine to build up some bearish conviction. Should USDJPY fall below the trend line around 110.40 next week, we would likely see the pair continue lower.

The current price level also moves nearer to the .382 Fibonacci level from early January 2017. If the trend-line support is broken, the .382 level would be the next significant support point for the pair to probe should it look to continue lower.

IG Client Sentiment

USD/JPY: Dollar Bulls May Be Running Low on Steam

Client positioning on the pair offers a pretty opaque view, with a slight bias of traders remaining net-long. With clients net-long, the contrarian approach we typically take at DailyFX would further bolster a bearish argument for the dollar-yen.

DailyFX forecasts on a variety of currencies such as the US Dollar or the Yen are available from the DailyFX Trading Guides page. If you’re looking to improve your trading approach, check out Traits of Successful Traders. And if you’re looking for an introduction to the Forex market, check out our New to FX Guide.

--Written by Peter Hanks, Junior Analyst for DailyFX.com

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

DISCLOSURES