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
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
Oil - US Crude
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
Wall Street
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
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here: https://t.co/yOUVEEqhc5 https://t.co/ftrbRkFiJF
  • Human error in the forex market is common and often leads to familiar trading mistakes. These trading mistakes crop up particularly with novice traders on a regular basis. Learn about the top ten trading mistakes and how you can avoid them here: https://t.co/i8E2AXtzF3 https://t.co/Hny2HMYo4I
  • (Weekly Fundamental) Australian Dollar Outlook: Tied to Biden Stimulus Bets, S&P 500, US Dollar, Treasuries $AUDUSD #SP500 #stimulusbill #USD https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/01/16/Australian-Dollar-Outlook-Tied-to-Biden-Stimulus-Bets-SP-500-US-Dollar-Treasuries.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/H7aus0Aljt
  • The inside bar pattern occurs regularly within financial markets. Incorporating the inside bar strategy can enhance a trader's market analysis. Find out how more here: https://t.co/E3EWOYTYNw https://t.co/7zI3p6UNVs
  • Bank of Japan to mull widening of its long-term yield band -BBG $USDJPY
  • While the rise in longer-dated Treasury yields have been impressive as of late, March highs remain a key focus for resistance The medium-term uptrend remains intact, maintained by rising support from August Fading fiscal stimulus expectations (size) may sour yields ahead https://t.co/L3vBcF0ts7
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqhRoMG https://t.co/vFJ8zmphMm
  • While the US Dollar has been holding its ground, its downside bias against the Singapore Dollar, New Taiwan Dollar Thai Baht and Indonesian Rupiah remains intact as it hovers at support. Get your market update from @ddubrovskyFX here: https://t.co/p7gAztWuVG https://t.co/zB1pOS6U4D
  • The $VIX is now running 227 trading days above the 20 handle. It is also working its way quickly into a dead-end descending triangle. These don't really break lower... https://t.co/39Pr7YrQ08
  • WTI Crude amongst the many market participants taking a hit today, down almost 3% $WTI $USD https://t.co/eg2phm1wUO
Japanese Yen Outperforms the Majors- EURUSD Eyes Critical Support

Japanese Yen Outperforms the Majors- EURUSD Eyes Critical Support

2012-04-02 15:35:00
Michael Boutros, Strategist

Daily Winners and Losers

Japanese_Yen_Outperforms_the_Majors-_EURUSD_Eyes_Critical_Support_body_Picture_6.png, Japanese Yen Outperforms the Majors- EURUSD Eyes Critical SupportJapanese_Yen_Outperforms_the_Majors-_EURUSD_Eyes_Critical_Support_body_Picture_5.png, Japanese Yen Outperforms the Majors- EURUSD Eyes Critical SupportJapanese_Yen_Outperforms_the_Majors-_EURUSD_Eyes_Critical_Support_body_Picture_4.png, Japanese Yen Outperforms the Majors- EURUSD Eyes Critical Support

The Japanese yen is the strongest performer against a mixed US dollar with an advance of more than 0.58% on the session. Equities were weaker at the open after taking cues from weakness in European stocks with a stronger-than-expected print on US ISM manufacturing data prompting a reversal in stocks which turned positive ahead of the European close. Its worth noting that the yen has advanced agianst all its major counterparts in early US trade with a pullback of some magnitude likely.

The USDJPYplummeted throughout European trade with the pair encountering support at the 78.6% Fibonacci extension taken from the March 27th and the overnight highs at 82.07. A likely break here eyes intra-day targets at 81.90 backd by the 100% extension at 81.73. Daily charts suggest a break below 81.70 risks substantial losses for the dollar with stronger support seen lower at 80.50. Topside resitance stands with the key 61.8% extension at 82.33 with subsequent ceilings seen at 82.50 and the 38.2% extension at 82.70. Note that our loing-term bias on the USDJPY remains wieghted to the topside with dips offering favorable long-scalps. Only a break below 81.70 would put us on the sidelines with a move down to 80.50 offering ideal positioning.

Key Levels/Indicators

Level/Indicator

Level

200-Day SMA

78.19

100-Day SMA

78.78

50-Day SMA

80.20

2011JPY HIGH

75.50

Japanese_Yen_Outperforms_the_Majors-_EURUSD_Eyes_Critical_Support_body_Picture_3.png, Japanese Yen Outperforms the Majors- EURUSD Eyes Critical SupportJapanese_Yen_Outperforms_the_Majors-_EURUSD_Eyes_Critical_Support_body_Picture_2.png, Japanese Yen Outperforms the Majors- EURUSD Eyes Critical Support

The euro is the weakest performer ahead of the European close with a loss of 0.34% on the session. The single currency continues to respect the 1.3380 topside resistance barrier with the EURUSD now testing critical daily support at the confluence of channel support and the 23.6% Fibonacci retracement taken from the January 16th advance at 1.3280. This level remains paramount with a break below eyeing daily targets at the 50-day moving average just above the 1.32-figure. Note that daily RSI remains below trendline resistance dating back to the February highs with a breach above negating our short-term bias.

Japanese_Yen_Outperforms_the_Majors-_EURUSD_Eyes_Critical_Support_body_Picture_1.png, Japanese Yen Outperforms the Majors- EURUSD Eyes Critical Support

The scalp chart shows the euro breaking below channel support dating back to the March lows at the 1.30-handle before encountering support at the 1.3280 mark (Critical daily support cited earlier). A break below this level eyes subsequent floors at the 50% Fibonacci extension taken from the February 16th and March 14th troughs at 1.3260, 1.3220, and the 38.2% extension at the 1.32-figure. Topside resistance stands with the 61.8% extension at 1.3317 backed by 1.3280. Again we note a breach above this level negates our interim bias with such a scenario eyeing subsequent topside targets at the 78.6% extension at the 1.34-handle, 1.3430 and 1.3460. Note that the rebound in risk appetite should be respected with a run-up in the pair offering favorable short entries.

Key Levels/Indicators

Level/Indicator

Level

200-Day SMA

1.3586

100-Day SMA

1.3160

50-Day SMA

1.3211

2011 EUR HIGH

1.4939

---Written by Michael Boutros, Currency Strategist with DailyFX.com

Join Michael on Tuesday morning for a Live Scalping Webinar at 1230GMT (8:30ET)

To contact Michael email mboutros@dailyfx.com or follow him on Twitter @MBForex

To be added to Michael’s distribution list, send an email with the subject line “Distribution List”

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

DISCLOSURES