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
Bullish
GBP/USD
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
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
Mixed
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Real Time News
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Gold: 0.19% Silver: 0.02% Oil - US Crude: -0.59% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/UCIceROqmN
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.44% 🇳🇿NZD: 0.07% 🇯🇵JPY: 0.05% 🇨🇦CAD: -0.03% 🇨🇭CHF: -0.07% 🇪🇺EUR: -0.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/XqqrrlWAgH
  • Indices Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.20% US 500: 0.05% Wall Street: -0.00% France 40: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/32XnoceiRU
  • GBP/USD Faces a Risk of Reversal -British Pound to USD Price Forecast More details in the link below: https://www.dailyfx.com/forex/technical/home/analysis/gbp-usd/2019/12/11/GBPUSD-Faces-a-Risk-of-Reversal-British-Pound-to-USD-Price-Forecast-MK.html?CHID=9&QPID=917714 https://t.co/LsgLV9vBZ1
  • Final YouGov MRP Poll update $GBP https://t.co/vf9SsVARYo
  • LIVE IN 30 MIN: Join Currency Strategist @PaulRobinsonFX as he discusses important technical developments relevant to short to intermediate-term commodity and equity index traders. Register here: https://www.dailyfx.com/webinars/816147795?CHID=9&QPID=917720
  • USD/JPY Outlook Hints at Drop, Nikkei 225 May Join It - https://www.dailyfx.com/forex/technical/article/special_report/2019/12/11/USDJPY-Outlook-Hints-at-Drop-Nikkei-225-May-Join-It.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #USDJPY #technicalanalysis https://t.co/nFYCnCoIeX
  • Join @PaulRobinsonFX 's #webinar at 5:30 AM ET/10:30 AM GMT to gain insight on indices and commodities for the active trader. Register here: https://t.co/gghsFsZYlx https://t.co/ZKIWbxrDbl
  • If you are interested in UK equities, pre- and post-election, it's well worth taking a few minutes out to listen to this podcast 👍👍 @JeremyNaylor_IG @JoshWarner_IG @DailyFX https://t.co/hnB3c7aP59
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.02%, while traders in US 500 are at opposite extremes with 76.03%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/dFrubKes93
USD/JPY Candlestick Analysis: Support Below 119.00 in Focus

USD/JPY Candlestick Analysis: Support Below 119.00 in Focus

2015-04-28 05:48:00
Ilya Spivak, Sr. Currency Strategist
Share:

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

Talking Points:

  • USD/JPY Strategy: Flat
  • Downside Reversal Cues Remain
  • Waiting for Pullback to Get Long

The US Dollar is waiting for follow-through on bearish reversal cues against the Japanese Yen established by Dark Cloud Cover and Evening Star candlestick patterns. Negative RSI divergence seemingly reinforces the chance of a pullback. Support is at 118.91, the 14.6% Fibonacci retracement, with a move below that exposing the 23.6% level at 117.00. The first layer of resistance remains at 122.01, the March swing top.

The dominant long-term USD/JPY trend continues to look bullish. With that in mind, we will look at further losses as corrective and treat them as an opportunity to enter long at more attractive levels once the pullback is exhausted.

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

USD/JPY Candlestick Analysis: Support Below 119.00 in Focus

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

News & Analysis at your fingertips.