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
Bearish
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
Wall Street
Bearish
Gold
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
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
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/UalZ8cRSXB https://t.co/wDVd2QvcjO
  • The longer-term EUR/USD outlook will hinge on Thursday’s ECB guidance; any hint of a further easing of Eurozone monetary policy would weaken it, but that is far from guaranteed. Get your #currencies update from @MartinSEssex here: https://t.co/RmHCfIwdqp https://t.co/hvETa6mtft
  • Traders tend to overcomplicate things when they’re starting out in the forex market. This fact is unfortunate but undeniably true. Simplify your trading strategy with these four indicators here:https://t.co/A4dqGMPylo https://t.co/M8WTvZgx2K
  • The Australian Dollar was under selling pressure this past week, but it held its ground. Bearish patterns brew in AUD/USD and AUD/JPY. Will EUR/AUD, GBP/AUD try to break higher again? Get your #currencies update from @ddubrovskyFX here: https://t.co/04kzJSqgNG https://t.co/ulPk1UneMM
  • Stocks are set to endure a string of data releases with market-moving potential in the week ahead in the form of tech earnings, European GDP and more, even as the US Presidential election clamors for the spotlight. #equities update from @PeterHanksFX here https://t.co/R6tpEvfXJb https://t.co/7koHTyh2AK
  • As we round our way towards a new week, Cable is within the confines of a bullish structure with beginnings back in September. Get your #currencies update from @PaulRobinsonFX here: https://t.co/NIbRTVmjqq https://t.co/zYma4Iq4dP
  • Myth or fact? One thing is for sure, there are a lot of misconceptions about trading. Knowing the difference between common trading myths and the reality is essential to long-term success. Find out about these 'myths' here: https://t.co/UGhbX6kn3H https://t.co/NE2RB1NT55
  • 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: https://t.co/ADSC4sIHrP https://t.co/MVwUUltt6R
  • 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/XnQzHlFsAv
  • Have you been catching on your @DailyFX podcast "Global Markets Decoded"? Catch up on them now, before new episodes release! https://t.co/Twr44cZ1GB https://t.co/FuLPdCLpKs
USD/JPY, GBP/JPY Price Outlook: Positive Reversal as Support Holds

USD/JPY, GBP/JPY Price Outlook: Positive Reversal as Support Holds

2019-08-15 14:00:00
Mahmoud Alkudsi, Analyst
Share:

GBP/JPY and USD/JPY Forecast

Download for free our latest Q3 trading guidesto help you build confidence when you trade on JPY, USD and other main currencies

GBP/JPY – USD/JPY- Reversing From New Lows

On Monday, both British Pound and US Dollar weakened against Japanese Yen, with GBP/JPY testing its lowest level in over two and half years at 126.55. Meanwhile, USD/JPY printed 105.05 – Its lowest level in over seven months.

This week the Relative Strength Index (RSI) climbed above 30 on GBP/JPY, then moved for the first time since the start of the month outside of the oversold territory, highlighting the weakened downtrend momentum. On the other hand, the oscillator rebounded from 30 then pointed higher to 43 on USD/JPY indicating to the seller’s loss of control.

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

GBP/JPY DAILY PRICE CHART (DEC 8, 2016 – AUG 15, 2019) Zoomed out

GBPJPY price daily chart 15-08-19 Zoomed out

GBP/JPY DAILY PRICE CHART (April 15 – AUG 15, 2019) Zoomed IN

GBPJPY price daily chart 15-08-19 Zoomed in

Looking at the daily chart, we notice on Monday GBPJPY U-turned nearby the low end of current trading zone 126.77 – 128.80 closing above and eyeing a test of the high end.

Today, the pair is testing the high end of the zone for the second time this week. Hence, a close above this level could push the price towards 130.84. Although, the weekly resistance levels underlined on the chart (zoomed in) need to be watched along the way. See the chart to know more about the higher trading zone with the weekly resistance levels buyers may encounter in a further bullish move.

In turn, any failure in closing above the high end of the zone could send the price towards the low end. Further close below the low end may press the GBPJPY towards 125.50. However, the weekly support levels underscored on the chart should be kept in focus.

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

USD/JPY DAILY PRICE CHART (JAN 22, 2018 – AUG 15, 2019) Zoomed out

USDJPY daily chart 15-08-19 Zoomed out

USD/JPY DAILY PRICE CHART (March 21 – AUG 15, 2019) Zoomed in

USDJPY daily chart 15-08-19 Zoomed in

Looking at the daily chart, we notice on Tuesday USDJPY reverted back to the same old trading zone 105.50 -107.30 eyeing a test of the high end.

Thus, a close above the high end of the zone could push the price towards 108.61. Nonetheless, the weekly resistance levels marked on the chart (zoomed in) would be worth monitoring.

On the flip-side, any failure in closing above the high end could lead the price towards the low end of the zone. Further close below the low end could see USD/JPY trading even lower towards 104.77. The weekly support level at 105.00 handle should be watched closely.

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