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.

Free Trading Guides
EUR/USD
Bearish
GBP/USD
Mixed
USD/JPY
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
Bullish
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • RT @FactSet: $SPX is reporting revenue growth of 2.9% for Q4, led by the Health Care (11%), Utilities (9%), and Communication Services (9%)…
  • The AUD has been hit by the risk-appetite pullback occasioned by the spread of Wuhan-strain coronavirus. This week may see domestic focus return, if headlines allow, with key inflation data due. Get your $AUDUSD market update from @DavidCottleFX here: https://t.co/UIpwno0pSq https://t.co/kib4d1mA0q
  • RT @anilvohra69: USD inverted (red) is correlated to Excess Reserves (blue) and Reserve Balances (green). 1/2 https://t.co/bbO1pPWY4F
  • RT @FactSet: $SPX is reporting a decline in earnings of -1.9% for Q4, led by the Energy (-42%), Consumer Discretionary (-14%), and Material…
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/6iMyDFqnqe
  • Knowing how to accurately value a #stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/2mjzvYvgSn
  • Previewing the Texas Rangers new home! https://t.co/WITZGSQPlc
  • Thanks for having me on @MartinSEssex https://t.co/fg8uOe16wr
  • The MACD is often used with its default setting when entering trades. However, this versatile indicator can be customized to assist traders in exiting trades too. Learn how to better incorporate the MACD into your trading strategy here: https://t.co/HnY7gzsI2q https://t.co/5F1DSvAXyy
  • What are some factors affecting $GBP as we head into 2020, quarter one? Download your Sterling fundamental forecast with @nickcawley1 here to find out: https://t.co/YfDSYSATK9 https://t.co/ANFLIuDY4J
Japanese Yen Bulls Fail To Crack USDJPY Range Base Once Again

Japanese Yen Bulls Fail To Crack USDJPY Range Base Once Again

2019-07-17 02:00:00
David Cottle, Analyst
Share:

Japanese Yen Technical Analysis - Talking Points:

  • USDJPY base survives
  • However, another attempt looks very likely
  • AUDJPY’s upside try lacks conviction so far

Join our analysts for live, interactive coverage of all major Japanese economic data at the DailyFX Webinars. We’d love to have you along.

The Japanese Yen remains rather stuck against the US Dollar as this week’s action has once again validated the pair’s short-term trading range.

Japanese Yen Bulls Fail To Crack USDJPY Range Base Once Again

Dollar bulls have for the moment fended off the downside range break which looked all-too likely after the sharp USDJPY falls seen on July 10 and 12. But sure enough this week’s Monday bounce came at that day’s intraday low, which coincided exactly with the range base, at 107.76.

That clearly now remains as important near-term support, with little between the market and 2019’s low should it break on a daily or weekly closing basis.

Dollar bulls still have plenty of work to do if this break is to be avoided. If they can’t get back above immediate resistance at 108.48 (last Thursday’s closing high), then another test of the current base looks inevitable.

If they can then the immediate order of business will be to top 108.88, thereby erasing those sharp mid-July falls. From there they can make an attempt at the range top, but another test of the base looks more likely at this point.

The Australian Dollar has been trapped in a similar range trade against the Japanese unit virtually all month. Perhaps lent some likely unreliable fundamental support by the markets’ current prognosis that Australian rates won’t fall again anytime soon, AUDJPY is attempting an upside break.

Australian Dollar vs Japanese Yen price chart - daily

The move appears to lack a bit of conviction so far, however, with daily ranges of the narrow sort which tend to speak to general market indecision. A break would put immediate focus on that clear previous notable high (June 30’s 0.7626). That said, the short-term will to accomplish that is not obvious and a relapse back into the range looks like the most likely prospect.

Market watchers should be aware that key Australian labor-market data are due on Thursday. We know from recent pronouncements that this series looms extremely large in Reserve Bank of Australia’s monetary policy thinking, so some movement on the data can be expected.

It will probably have to come in widely at variance with expectations of 9,000 new jobs to make a lasting impact on trade, however.

Resources for Yen 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

News & Analysis at your fingertips.