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
EUR/USD
Bullish
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
Wall Street
Bearish
Gold
Mixed
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
Mixed
More View more
Real Time News
  • The US Dollar is struggling against ASEAN currencies despite weakness in the S&P 500. Capital remains flowing into emerging markets, keeping USD under pressure, could this change? Find out from @ddubrovskyFX here:https://t.co/nwhy3XhE74 https://t.co/ir20IjaJFu
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: -0.06% Oil - US Crude: -0.97% Silver: -1.60% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/H9676jm7CT
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.14% 🇪🇺EUR: 0.01% 🇨🇦CAD: -0.01% 🇯🇵JPY: -0.07% 🇳🇿NZD: -0.17% 🇦🇺AUD: -0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/tm1u1cKErl
  • #Market Snapshot $AUDUSD sliding to fresh session-lows on the back of #MorganStanley's suggestion #IronOre prices will fall in Q4 Haven-linked $USD and $JPY pushing back to session-highs after dipping lower in early trade $Gold nudging slightly higher https://t.co/FsT9RIZYvR
  • All eleven S&P 500 sectors ended deeply in the red, with energy (-4.55%), information technology (-3.21%), materials (-2.93%) and real estate (-2.91%) among the worst performers. A whopping 94.7% of the S&P 500 components closed lower. https://t.co/kqP3xPZBJf
  • Rising demand for safety boosted the US Dollar, which climbed for a third day to 94.43 - a two-month high. Strong USD dampened precious metal prices, and put pressure on risk-linked currencies namely AUD, NZD and NOK. https://t.co/ijthZpUdTn
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.57%, while traders in EUR/GBP are at opposite extremes with 63.44%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/zn9sbgM386
  • While @IG_US Client Sentiment is offering a mixed outlook for the S&P 500 and #Dow Jones, these could be at risk to a turn lower based on multiple bearish technical warning signs. Get your market update from @ddubrovskyFX here:https://t.co/9kYnq6hH1f https://t.co/YIvXZ76eH1
  • #NOK, #AUD and #NZD are expected to be the most-active #G10 majors versus #USD with one-week implied volatility at 16.33, 12.22 and 12 respectively [delayed] -BBG
  • $DJIA futures carving out a Falling Wedge pattern just above the 200-MA after falling over 8% from the September 3 post-crisis high. $DJI #DowJones Is a recovery in the works? Find out how to trade these patterns and more here: https://www.dailyfx.com/education/technical-analysis-chart-patterns/falling-wedge.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr https://t.co/7dfYFgkpub
USD/JPY at Critical Juncture as ST Rally Grapples with MT Bearish Patterns

USD/JPY at Critical Juncture as ST Rally Grapples with MT Bearish Patterns

2013-06-25 21:21:00
Christopher Vecchio, CFA, Senior Strategist
Share:
USDJPY_at_Critical_Juncture_as_ST_Rally_Grapples_with_MT_Bearish_Patterns_body_Picture_1.png, USD/JPY at Critical Juncture as ST Rally Grapples with MT Bearish Patterns

Chart prepared by Christopher Vecchio using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREX Analysis: The beginning of June yielded the start of a Bearish Broadening Wedge (off of the February 25 and April 4 lows), but near-term bullish momentum has signaled a false breakout now that the USDJPY rests above the wedge’s support, at ¥96.65/80 today. Although the USDJPY broke the RSI downtrend last week, near-term divergence has formed as the rally has seen RSI take out prior swing highs without the same occurring in price, as the pair has failed to achieve the 50% Fib retracement from the May high to the June low – the same occurred after the first major June low was set on June 7 (price rallied to 99.28, 50% at 99.35; now price has rallied to 98.70, 50% at 98.76 [blue line]). The 98.70 high this week also comes in below 98.80 (38.2% Fib February low to May high [red line]).

FOREX Trading Strategy: With US Treasury yields screaming higher, a widening UST-JGB yield spread should be supportive of further gains in the pair. However, with the rebound from last week’s low to high resembling that of the rebound from June 7 to June 10, a fractal may be in play here hinting at further downside pressure. A break of 98.70/80 necessarily points to 99.25/35 (post-May NFP swing high). Lower, 96.15/20 (23.6% Fib May high to June low [red line]) and 95.75/80 (61.8% Fib February low to May high [blue line]) are support. A near-term bullish bias is warranted as long as price holds 96.65/80; a medium-term bearish bias is warranted as long as price holds 99.25/35.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

To be added to Christopher’s e-mail distribution list, please fill out this form

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

DISCLOSURES