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
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
Bullish
Wall Street
Bearish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Heads Up:🇳🇿 Inflation Rate QoQ (Q3) due at 21:45 GMT (15min) Expected: 0.9% Previous: -0.5% https://www.dailyfx.com/economic-calendar#2020-10-22
  • Heads Up:🇳🇿 Inflation Rate YoY (Q3) due at 21:45 GMT (15min) Expected: 1.7% Previous: 1.5% https://www.dailyfx.com/economic-calendar#2020-10-22
  • White House Chief of Staff Mark Meadows says Speaker Nancy Pelosi is ready to do a stimulus deal -BBG $SPX $DJI $NDX $USD $XAU
  • Relatively quiet Canadian economic calendar through the end of October will leave CAD-crosses particularly exposed to broader risk trends, especially those in stocks and oil markets. Get your $USDCAD market update from @CVecchioFX here:https://t.co/kpUQTaO6rm https://t.co/tcmSJh9B8d
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.32% 🇨🇦CAD: 0.05% 🇦🇺AUD: -0.00% 🇯🇵JPY: -0.28% 🇪🇺EUR: -0.34% 🇬🇧GBP: -0.50% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/XWscJjWQHq
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.02% Gold: -1.05% Silver: -1.40% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/ySjnrTUWnk
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.54%, while traders in EUR/USD are at opposite extremes with 72.12%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/tyXcZZL0qf
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.39% France 40: 0.32% FTSE 100: 0.26% US 500: 0.01% Wall Street: 0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/ljSeRVDbh8
  • Gilead Sciences receives FDA approval for Remdesivir - BBG
  • $GILD | Gilead Sciences receives FDA approval for coronavirus treatment remdiesivir
USD/JPY Vulnerable to Retest 110.60

USD/JPY Vulnerable to Retest 110.60

2017-05-24 21:19:00
Jeremy Wagner, CEWA-M, Head of Education
Share:

USD/JPY has risen to above 111.84 as anticipated. We previously wrote,…the price action near 111.84 will tip the hand as to whether the near term sell off is over and the resumption of the uptrend proceeds or if the downtrend will continue lower.”

Now that we are able to review the shape and structure of the recovery to 111.84, we can better assess the higher probability move.

The Elliott Wave model points to 113.12 as the key level to watch. So long as USDJPY is below 113.12, then the pair is vulnerable to retest 110.60 and possibly lower levels. The pivot may have already occurred to drive the pair lower.

USDJPY Intraday Elliott Wave Picture May 24, 2017

If prices do punch above 113.12, then it opens the door to several different patterns. Many of those patterns suggest a test of 113.50 with one pattern suggesting the start of a strong bull trend.

Bottom line, USD/JPY is vulnerable to continued weakness towards 110.60 so long as prices are below 113.12.

IG Client Sentiment shows traders have been shifting net long over the past 24 hours pushing the sentiment reading to +1.68. A shift towards net longs on increasing price is a bearish undertone. Therefore, sentiment lines up with the Elliott Wave model suggesting a continuation of the previous sell off. Learn how to trade with sentiment with our IG client sentiment guide.

Do you find USD/JPY movements confusing? Read our Japanese Yen quarterly forecast.

---Written by Jeremy Wagner, CEWA-M

Discuss this market with Jeremy in Monday’s US Opening Bell webinar.

Follow on twitter @JWagnerFXTrader .

Join Jeremy’s distribution list.

EUR/USD has been ripping lately. Read more on the EURUSD Elliott Wave picture.

Read the recent Dow Jones Elliott Wave article.

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

DISCLOSURES