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
Oil - US Crude
Mixed
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
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • $EURJPY dropped below 126.00 this morning, falling to its lowest level since early December. $EUR $JPY https://t.co/VGtNVS26Dn
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: US 500: -0.49% Wall Street: -0.63% FTSE 100: -0.88% France 40: -1.18% Germany 30: -1.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/BwiDA601do
  • The US Dollar recovered from the small Retail Sales selloff and was buoyed by strong December Industrial Production numbers, pushing the $DXY to around 90.60, its highest level since the beginning of the week. $USD https://t.co/zOjDOtIMHx
  • Much like the rest of the G10 FX space, the Australian Dollar has struggled for direction with the recent uptrend beginning to stall at 0.78. Get your $AUDUSD update from @JMcQueenFX here: https://t.co/IReLh35w64 https://t.co/EoSXjkxtFU
  • 🇺🇸 Industrial Production YoY (DEC) Actual: -3.6% Previous: -5.5% https://www.dailyfx.com/economic-calendar#2021-01-15
  • 🇺🇸 Industrial Production MoM (DEC) Actual: 1.6 Expected: 0.5% Previous: 0.4% https://www.dailyfx.com/economic-calendar#2021-01-15
  • been one of those 'catch your breath' type of weeks in $Gold following last week's bearish engulf. But - a box has built b/w support and resistance and levels rather clear for an eventual break https://t.co/3HIo1wZwTi https://t.co/P8MbWmYprE
  • #Gold drops following dismal retail sales data, moves back towards range support. $XAU $GLD https://t.co/vS3m01s0lE
  • Heads Up:🇺🇸 Industrial Production MoM (DEC) due at 14:15 GMT (15min) Expected: 0.5% Previous: 0.4% https://www.dailyfx.com/economic-calendar#2021-01-15
  • Heads Up:🇺🇸 Industrial Production YoY (DEC) due at 14:15 GMT (15min) Previous: -5.5% https://www.dailyfx.com/economic-calendar#2021-01-15
Forex Strategy: USD/JPY Consolidation Continues As 102.50 Caps Gains

Forex Strategy: USD/JPY Consolidation Continues As 102.50 Caps Gains

2014-03-27 11:49:00
David de Ferranti, Currency Analyst

Talking Points

  • USD/JPY Technical Strategy: Longs preferred on breakout
  • Dojis on both the daily and four hourly charts suggest indecision
  • Clearance of resistance at 102.50/70 may open advance to 103.50

USD/JPY’s consolidation has continued with several Doji formations on the daily denoting some deliberation amongst the bulls just shy of the 102.50/70 mark. New longs are better served on a clearance of the notable level of resistance, which would likely open up103.50.

USD/JPY: Dojis Denote Deliberation

Forex-Strategy-USDJPY-Consolidation-Continues-As-102.50-Caps-Gains_body_Picture_2.png, Forex Strategy: USD/JPY Consolidation Continues As 102.50 Caps Gains

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to the four hour chart; there is evidence of a drawn-out struggle between the bulls and bears around the critical 102.50 intraday resistance level. While the Doji candlesticks signal indecision, a bearish reversal pattern would be required to support a bearish technical bias for USD/JPY.

USD/JPY: Intraday Resistance Holds At 102.40/50

Forex-Strategy-USDJPY-Consolidation-Continues-As-102.50-Caps-Gains_body_Picture_1.png, Forex Strategy: USD/JPY Consolidation Continues As 102.50 Caps Gains

Four Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

Follow David on Twitter: @Davidde

To receive David’s analysis directly via email, please sign up here.

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

DISCLOSURES