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.

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
Subscribe
Please try again
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
More View more
Real Time News
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here: https://t.co/Blrl0uF2Ct https://t.co/KS13JNwlvL
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePTpzSI https://t.co/bxQ8s8eGjR
  • Australian Dollar plunged for a fifth week but held key downtrend support at the yearly lows. Get your weekly AUD technical forecast from @MBForex here: https://t.co/uyUWYQoYS7 https://t.co/BXid10FYD1
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/eReyYRYOn1
  • 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: https://t.co/EWrJy5LfOF https://t.co/NQj5xCdw9b
  • 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: https://t.co/nAa0fHHGbZ https://t.co/uDeIMr1Ks4
  • 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: https://t.co/7t4BzmLg8w https://t.co/srqRhfdKUd
  • 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: https://t.co/030gXzxlEc https://t.co/ux7W6OcBOm
  • 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: https://t.co/mfwJ0sZLTs https://t.co/FPKAoLQuuI
  • 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: https://t.co/t9Flsqcxo9 https://t.co/2L5DGk7cxl
USD/JPY & EUR/JPY Confront Critical Resistance Levels - JPY Price Outlook

USD/JPY & EUR/JPY Confront Critical Resistance Levels - JPY Price Outlook

Mahmoud Alkudsi, Analyst

EUR /JPY and USD/JPY Technical Analysis

See Our latest trading guides for free and discover what is likely to move the markets through Q4 of this year.

USDJPY, EURJPY – Closed in the Green

Last week Japanese Yen price softened significantly against Euro and US Dollar. On Friday, EUR/JPY closed with nearly 2.0% gain. Similarly, USD/JPY closed the weekly candlestick with a 1.5% gain.

Alongside this, the Relative Strength Index (RSI) crossed above 50 on both pairs highlighting the end of the downtrend momentum.

Having trouble with your trading strategy? Need a hand? Here’s the #1 Mistake That Traders Make

EUR/JPY Daily PRice CHART (Mar 20, 2017 – Oct 14, 2019) Zoomed Out

EURJPY price daily chart 14-10-19 Zoomed out

EUR/JPY Daily Price CHART (AUG 1 – Oct 14, 2019) Zoomed in

EURJPY price daily chart 14-10-19 Zoomed in

Looking at the daily chart, we notice on Thursday EUR/JPY overtook the 50- Day average. In the following day, the price tested the high end of current trading zone 117.30 – 119.78. However, failed to move to a higher trading zone.

Thus, a close above the high end of the zone could send EURJPY towards 121.25. Further close above this level could mean more bullishness towards 122.52. Having said that, the weekly resistance levels and area marked on the chart (zoomed in) should be considered.

On the flip-side, if buyers were not successful at pushing EURJPY to close above the high end of the zone, this suggest the price may change its direction and decline towards the low end of the zone. Further close below the low end could see more bearishness towards the vicinity of 114.95-80. Although, the daily and weekly support levels underlined on the would be worth monitoring.

Just getting started? See our Beginners’ Guide for FX traders

USD/JPY Daily PRice CHART (April 20, 2017– Oct 14, 2019) Zoomed Out

USDJPY daily chart 14-10-19 Zoomed out

USD/JPY Daily PRice CHART (June 19 – Oct 14, 2019) Zoomed In

USDJPY daily chart 14-10-19 Zoomed in

From the daily chart, we notice at the start of last week USD/JPY rallied above the 50-Day moving average, then on Thursday moved to a higher trading zone 107.30 – 108.61. On Friday, the price rebounded nearby the high end of the zone, similarly to EUR/JPY.

Hence, a close above the high end of the zone could see USDJPY trading even higher towards the vicinity of 109.75-84. Further close above 109.75 may push the price towards 110.48-52. That said, the weekly resistance levels underlined on the chart (zoomed in) should be watched along the way.

In turn, another failure in closing above the high end could reverse the price’s direction sending USDJPY towards the low end of the zone contingent on clearing the daily support levels marked on the chart. Further close below the low end may see USDJPY tumbling towards 105.50. Although, the weekly support area and level marked on the chart should be kept in focus.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

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

DISCLOSURES