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
Bullish
Oil - US Crude
Bullish
Wall Street
Bullish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
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
More View more
Breaking news

NZ FinMin says RBNZ Required to Consider Impact of Housing for Monetary Policy, NZD Soars

Real Time News
  • RBNZ Governor Orr says change to remit to consider home prices is welcome - DJ via BBG
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: France 40: 0.21% Germany 30: 0.20% Wall Street: 0.00% US 500: -0.01% FTSE 100: -0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/vQypZV7j1L
  • NZD extending gains against the Dollar $NZD $USD https://t.co/T6NsjMXiN9
  • New Zealand government changes RBNZ remit to take account of housing market in decisions. Kiwi extending gains $NZD $NZDUSD
  • This is an update to an article published on February 1, looking at CAD potential against the US Dollar (USD/CAD), the Euro (EUR/CAD) and the Japanese Yen (JPY). Get your $USDCAD market update from @JStanleyFX here:https://t.co/erp4Qddlvm https://t.co/pJ5zJ1cSWz
  • #Gold Price Outlook: Gold Recovery First Test at Trend Resistance - $XAUUSD Levels - https://t.co/VHAsch23R0 https://t.co/9nnskcEVxQ
  • The US 10Y yield sits at 1.39, slightly off its intraday high of 1.43 https://t.co/a7mvDvlBiG
  • Bitcoin trying to turn it green on the. Yellen thinking 'time to sweep the leg'
  • commodity currencies have been putting in big moves of late. $USDCAD fresh two-year-lows, nearing 1.2500. But $CADJPY has been in a pronounced breakout for a little longer, and $EURCAD has recently joined the party. https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/02/24/Canadian-Dollar-Price-Forecast-Loonie-USD-CAD-USDCAD-CAD-JPY-CADJPY-EUR-CAD-EURCAD.html https://t.co/GQeIBjPmpH https://t.co/21VFUWPXv7
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Silver: 0.60% Oil - US Crude: -0.05% Gold: -0.37% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/OVvBvd24Qj
USD/JPY Candlestick Analysis: A Top in Place Below 122.00?

USD/JPY Candlestick Analysis: A Top in Place Below 122.00?

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • USD/JPY Strategy: Flat
  • Chart Setup Hints at Topping Sub-122.00
  • Pullback to Yield Long Trade Opportunity

The US Dollar looks to be forming a top against the Japanese Yen marked by bearish Dark Cloud Cover and Evening Star candlestick patterns. Negative RSI divergence bolsters the case for a downside scenario. A break below the 14.6% Fibonacci retracement at 118.91 exposes the 23.6% level at 117.00. Near-term resistance is at 122.01, the March swing top.

The overall USDJPY trend continues to favor the upside. With that in mind, we will look to any on-coming losses as an opportunity to enter long at more attractive levels once the downswing is exhausted.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

USD/JPY Candlestick Analysis: A Top in Place Below 122.00?

Weekly Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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

DISCLOSURES