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
Mixed
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • UK PM Johnson says virus restrictions likely to last 6-months $GBP
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/38gTDn8ejP https://t.co/CjCiVL0C9q
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/S9CEcBm5Qe https://t.co/0gQ60Dd1S5
  • Optimism $GBP https://t.co/UjSo3Dpthr
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.44%, while traders in NZD/USD are at opposite extremes with 70.05%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/n7ePyLk3EB
  • Heads Up:🇧🇷 BCB Copom Meeting Minutes due at 11:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-09-22
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.13% Gold: -0.34% Silver: -1.88% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/1fgVHj1F6Z
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.12% 🇳🇿NZD: 0.01% 🇨🇦CAD: -0.03% 🇨🇭CHF: -0.17% 🇬🇧GBP: -0.19% 🇪🇺EUR: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/2CA80kFhl2
  • Coming up at half past the hour. Do join me if you can, using the link below https://t.co/RAiCJNLuSC
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.18% FTSE 100: 0.49% France 40: 0.40% US 500: 0.22% Wall Street: -0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Jb7LZOruhP
USD/JPY Consolidation Offers Symmetrical Triangle

USD/JPY Consolidation Offers Symmetrical Triangle

2013-06-27 01:05:00
Christopher Vecchio, CFA, Senior Strategist
Share:
USDJPY_Consolidation_Offers_Symmetrical_Triangle_body_Picture_3.png, USD/JPY Consolidation Offers Symmetrical Triangle

Chart prepared by Christopher Vecchio using Marketscope 2.0

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

FOREX Analysis: Big picture: “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 ¥96.75/7.00 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: No change: “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.” A Symmetrical Triangle has now emerged after several days of consolidation; the aforementioned bull/bear demarcations are still appropriate.

--- 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