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
  • 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
  • Trading Global Markets new #podcast features @DailyFX Anlayst @PeterHanksFX , who discusses what assets would benefit in the next #recession. Tune into this new podcast episode hosted by @MartinSEssex here: https://t.co/Twr44cZ1GB https://t.co/llKzvZGDpQ
  • The #Euro remains weak against a range of currencies and any move higher is struggling to gain traction as the single currency continues to be sold-off. Get your #EUR technical analysis from @nickcawley1 here: https://t.co/9B2m0kmd4d https://t.co/ZENxpC59mP
  • The Indian Rupee 2020 outlook is bearish as India faces stagflation risk amid rising onion and crude oil prices. $USDINR may rise in the medium-term as the RBI defers hiking rates. Get your market update from @ddubrovskyFX here: https://t.co/lRrlZjAQDw https://t.co/mFv1EOYMjG
  • The $GBP may be on the cusp resuming a 12-year downtrend against the US Dollar as signs of topping emerge at pivotal chart resistance. Get oyur market update from @IlyaSpivak here:https://t.co/9rM3OjWmBA https://t.co/sUWcSFruHw
  • The $NZD may be on average at risk to further losses against its major counterparts such as the US Dollar and Japanese Yen. Where to for NZD/USD and NZD/JPY from here? Find out from @ddubrovskyFX here:https://t.co/OFjePKYdCb https://t.co/eo1c6QAVd8
  • $AUDJPY technical positioning hints prices may be on cusp of turning lower after a late-2019 bounce, recoupling with a dovish RBA policy outlook. Get your market update from @IlyaSpivak here: https://t.co/z84Y0V0ZtH https://t.co/wcIGO1emDw
  • The Japanese Yen has faded into 2020 as market risk appetite has held up and hit demand for haven assets. $USDJPY now challenges a key medium-term downtrend, but hasn’t topped it yet.Get your market update from @DavidCottleFX here:https://t.co/4X6vgCgkB7 https://t.co/FfCkGhtHsm
  • The $USD may fall against the Swedish Krona and Norwegian Krone if commentary from officials at the Davos forum uplift market mood and pressure haven-linked currencies. Get your market update from @ZabelinDimitri here:https://t.co/SZAG0yMu3d https://t.co/cBZj5tC0Ny
  • The $NZD is inching toward support guiding gains in the fourth quarter of 2019. A break may set the stage for long-term bearish trend resumption. Get your market update from @IlyaSpivak here:https://t.co/bnlx4RJ8oV https://t.co/d60YziMYnO
Japanese Yen To Hold Range, Australian Dollar Reversal Slows Ahead Of 100-Day SMA

Japanese Yen To Hold Range, Australian Dollar Reversal Slows Ahead Of 100-Day SMA

2011-03-10 17:01:00
David Song, Currency Strategist
Share:

Daily Winners and Losers

Japanese_Yen_To_Hold_Range_Australian_Dollar_Reversal_Slows_Ahead_Of_100-Day_SMA_body_ScreenShot040.png, Japanese Yen To Hold Range, Australian Dollar Reversal Slows Ahead Of 100-Day SMA

Currency

Last

High

Low

Daily Change (pip)

Daily Range (pip)

USDJPY

82.98

83.17

82.70

25

47

Japanese_Yen_To_Hold_Range_Australian_Dollar_Reversal_Slows_Ahead_Of_100-Day_SMA_body_ScreenShot039.png, Japanese Yen To Hold Range, Australian Dollar Reversal Slows Ahead Of 100-Day SMA

The Japanese Yen continued to lose ground against the greenback on Thursday, with the USD/JPY advancing to a fresh monthly high of 83.17, and the pair may push higher going into the end of the week as it retraces the sharp decline from the previous month. The dollar-yen remains 25 points higher on the day after moving 82% of its average true range, and the advance in the exchange rate may gather pace over the near-term as the greenback benefits from the flight to safety. As the USD/JPY maintains the broad range from earlier this year, there could be an opportunity to fade the rally in the days ahead, and we may see the pair carve out another top around the 23.6% Fibonacci retracement from the 2010 high to low, which lies between 83.60-80. However, as the relative strength index falls back from overbought territory, the dollar-yen may consolidate before we see another push to the upside, and the exchange rate may fill the gap from the 120-SMA at 82.73 heading into the Asian trade.

Key Levels/Indicators

Level/Indicator

Level

20-Day SMA

82.65

100-Day SMA

82.61

50-Day SMA

82.51

10-Day SMA

82.23

Currency

Last

High

Low

Daily Change (pip)

Daily Range (pip)

AUDUSD

1.0001

1.0118

0.9992

105

126

Japanese_Yen_To_Hold_Range_Australian_Dollar_Reversal_Slows_Ahead_Of_100-Day_SMA_body_ScreenShot041.gif, Japanese Yen To Hold Range, Australian Dollar Reversal Slows Ahead Of 100-Day SMA

The aussie took a hit during the overnight trade as China, Australia’s largest trading partner, posted the largest trade deficit in seven years, and the high-yielding currency may face headwinds over the near-term as the outlook for global trade deteriorates. The AUD/USD remains 100+pips lower from the open after moving 138% of its ATR, but the sharp decline appears to be tapering off as the RSI bounces back from oversold territory. In turn, we may see a short-term reversal in the aussie-dollar, and the exchange rate may revert back to the 240-SMA at 1.0106 as price action continues to hold above the 100-Day SMA at 0.9972. As a result, the aussie-dollar may continue to face range-bounce price action throughout the remainder of the month, and currency traders certainly have a great setup to play the range as the pair remains capped by 1.0200. However, as the Reserve Bank of Australian maintains a neutral outlook for future policy, the downturn in interest rate expectations is likely to bear down on the exchange rate, and the AUD/USD certainly remains at risk for a bearish breakout as the pair carves out a second top in March.

Key Levels/Indicators

Level/Indicator

Level

10-Day SMA

1.0126

20-Day SMA

1.0087

50-Day SMA

1.0042

100-Day SMA

0.9972

Join us to discuss the outlook for the major currencies on the DailyFXForums

To discuss this report contact David Song, Currency Analyst: dsong@dailyfx.com

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

DISCLOSURES

News & Analysis at your fingertips.