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. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
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
Real Time News
  • Last week’s march higher in EUR/USD may well extend further after Friday’s Eurozone economic statistics that will likely turn the ECB more hawkish on monetary policy. Get your weekly Euro forecast from @MartinSEssex here:
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here:
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here:
  • Cable is pulling off after a strong run; near-term weakness may be the theme before trying to rally again. Get your weekly GBP technical forecast from @PaulRobinsonFX here:
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here:
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here:
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here:
  • USD/CAD has bounced off a key support area on Friday and could potentially charge higher in the coming week as risk-aversion over coronavirus fears has started to dominate market moves. Get your weekly CAD technical forecast from @DColmanFX here:
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here:
  • The US Dollar slipped last week after the Federal Reserve calmed taper timeline talks. Friday’s non-farm payrolls figure may rekindle upside USD bets if it impressive. Get your weekly USD forecast from @FxWestwater here:
EUR/JPY Technical Analysis: Digging Deeper into the Wedge

EUR/JPY Technical Analysis: Digging Deeper into the Wedge

James Stanley, Senior Strategist

To receive James Stanley’s Analysis directly via email, please sign up here.

Talking Points:

In our last article, we looked at the congested structure in EUR/JPY as a near-term bullish up-trend was complicated by an extremely bearish longer-term move. And while a congested trend isn’t necessarily enough to nullify a trade setup in and of itself, the fact that price action was so far away from any recent support or resistance inflections made stance moving forward rather complicated.

In the week since that last article, directional bias in EUR/JPY hasn’t become any clearer. While we did ‘technically’ see a higher-high above the 124.40 level we had pointed out last week, sellers came in near-immediately to fade the move. And then support dug-in beyond the 123.08 level that had provided so much resistance over the previous month; and this is a key level as the 38.2% Fibonacci retracement of the 2008 high to the 2012 low. So, this isn’t the bullish scenario that usually gets traders excited to load up the long-side of the move.

Moving forward, the levels at 124.40 (resistance) and 123.08 (support) remain viable for directional stance. Traders can wait for concerted breaks of either level to indicate forward-positioning. Should 124.40 finally give way, traders can look for higher low support above the 123.50 Fibonacci level before triggering top-side positions. Should price action drive below 123.08, traders can begin looking to line up the short side of the move by selling the ‘lower high’ after support gives way.

EUR/JPY Technical Analysis: Digging Deeper into the Wedge

Created with Marketscope/Trading Station II; prepared by James Stanley

--- Written by James Stanley, Analyst for

To receive James Stanley’s analysis directly via email, please SIGN UP HERE

Contact and follow James on Twitter: @JStanleyFX

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