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
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
Bearish
Wall Street
Bearish
Gold
Bullish
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
Bearish
More View more
Real Time News
  • 🇳🇱 Consumer Confidence (OCT) Actual: -30.0 Previous: -28.0 https://www.dailyfx.com/economic-calendar#2020-10-22
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.60%, while traders in EUR/USD are at opposite extremes with 74.60%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/fLkteBRqGu
  • The $SPX seems to have worked itself into an inevitable technical break, but follow through is unlikely given the election anticipation. Nevertheless, the Tesla aftermath on Thursday's open will be something to watch . My trading video for today: https://www.dailyfx.com/forex/video/daily_news_report/2020/10/22/SP-500-Due-a-Technical-Break-Dollar-Slides-on-Stimulus-Delay-Pound-Rallies.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/XPwZSCZqju
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/UVvf51HiVP https://t.co/s0tvG7QXwJ
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.12% 🇳🇿NZD: -0.12% 🇪🇺EUR: -0.14% 🇨🇭CHF: -0.16% 🇨🇦CAD: -0.20% 🇦🇺AUD: -0.42% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/n7Phs46BX1
  • Heads Up:🇳🇱 Consumer Confidence (OCT) due at 04:30 GMT (15min) Previous: -28.0 https://www.dailyfx.com/economic-calendar#2020-10-22
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: FTSE 100: -0.46% Wall Street: -0.58% US 500: -0.58% Germany 30: -0.60% France 40: -0.82% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/xog2DUbSzY
  • British Pound Price Outlook: GBP/USD, GBP/JPY, EUR/GBP Key Levels - $GBPUSD poised to push higher after breaching key resistance. - $GBPJPY rebound struggling to break above the August low. - $EURGBP coiling up above key support https://www.dailyfx.com/forex/technical/home/analysis/gbp-usd/2020/10/22/British-Pound-Price-Outlook-GBPUSD-GBPJPY-EURGBP-Key-Levels.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $GBP https://t.co/Qr9Tl7Qse9
  • The US Dollar is once again losing ground against #ASEAN FX as $USDGD and $USDIDR may be readying to extend losses. Will $USDMYR and $USDPHP follow? - https://www.dailyfx.com/forex/technical/article/special_report/2020/10/22/US-Dollar-Technical-Forecast-USDSGD-USDIDR-USDPHP-USDMYR.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/olomq6jsAD
  • 🇹🇭 Balance of Trade (SEP) Actual: $2.230B Expected: $3.55B Previous: $4.35B https://www.dailyfx.com/economic-calendar#2020-10-22
Japanese Yen Outlook: AUD/JPY, EUR/JPY Key Levels for the Week Ahead

Japanese Yen Outlook: AUD/JPY, EUR/JPY Key Levels for the Week Ahead

2020-10-03 13:00:00
Daniel Moss, Analyst
Share:

Japanese Yen Technical Forecast: Neutral

  • The Japanese Yen’s resurgence against its major counterparts seems to be running out of steam.
  • EUR/JPY rates guided higher by 100-DMA after sliding almost 4% from the yearly high.
  • AUD/JPY consolidating above key support after 4-day rally.
JPY Forecast
JPY Forecast
Recommended by Daniel Moss
Get Your Free JPY Forecast
Get My Guide

The Japanese Yen’s resurgence last month may fail to carry over into October, as the haven-associated currency struggles to hold above pivotal chart support.

JPY Index* Daily Chart – 100-DMA Capping Upside

JPY Index Chart

JPY index daily chart created using TradingView

*JPY index averages CAD/JPY, AUD/JPY, EUR/JPY, GBP/JPY

The Japanese Yen could continue to slide lower against its major counterparts in the near-term, after failing to break above the sentiment-defining 200-day moving average and dipping back below the 100-DMA.

The RSI’s failure to break into overbought territory and a bearish crossover on the MACD indicator is indicative of swelling downside momentum, which may ultimately generate a more extensive downside push if price breaks back below the August high.

Therefore, failure to hurdle confluent resistance at the March low and downtrend extending from the yearly high could signal the resumption of the primary uptrend and bring the September low back into focus.

AUD/JPY Daily Chart – Consolidating Above August Low

AUDJPY Price Chart

AUD/JPY daily chart created using TradingView

AUD/JPY rates could be poised to reverse lower in the coming days if resistance at the 21- and 50-DMA (75.75) continues to stifle upside potential.

With the MACD indicator tracking firmly in bearish territory and the RSI dipping back below its neutral midpoint, the path of least resistance seems skewed to the downside.

However, if price remains constructively perched above the June 16 swing-high (75.08) and can breach resistance at the yearly open (76.24), a retest of the yearly high (78.46) could be in the offing.

Conversely, a daily close below psychological support at the 75.00 mark may intensify selling pressure and push AUD/JPY back to the uptrend extending from the June 12 swing-low (72.53)

AUD/JPY BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 8% 5% 6%
Weekly 54% -20% 7%
What does it mean for price action?
Get My Guide

EUR/JPY Daily Chart – 100-DMA Nurturing Nascent Rebound

EURJPY

EUR/JPY daily chart created using TradingView

Despite breaking the neckline of Head and Shoulders reversal pattern and slicing through Rising Wedge support, EUR/JPY rates look poised to climb back towards the June high in the short-term.

A bullish crossover on the MACD indicator may encourage would-be buyers if confluent support at the 100-DMA (122.97) and uptrend extending from the May low (114.39) remains intact, with a daily close back above the June high (124.43) needed to carve a path for price to test the yearly high (127.07).

That being said, the RSI’s struggles to snap the downtrend extending from the August extremes hints at building bearish momentum and may ultimately result in a more extensive correction in EUR/JPY rates, if sellers can successfully drive price back below psychological support at the 122.00 mark.

EUR/JPY MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -6% -20% -15%
Weekly -40% -1% -19%
What does it mean for price action?
Get My Guide

-- Written by Daniel Moss, Analyst for DailyFX

Follow me on Twitter @DanielGMoss

JPY Forecast
JPY Forecast
Recommended by Daniel Moss
Get Your Free JPY Forecast
Get My Guide

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

DISCLOSURES