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
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
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
Gold
Bearish
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
Bullish
More View more
Real Time News
  • We are facing an existential question Thursday: is the enthusiasm for speculative favorites like GameStop the baseline for markets or the nascent $SPX drop ($VIX charge)? And, what can data like US 4Q GDP influence? My outlook for Thursday: https://www.dailyfx.com/forex/video/daily_news_report/2021/01/28/SP-500-Breaks-Lower-as-VIX-Soars-Will-Tesla-and-Apple-Overshadow-Gamestop.html https://t.co/ppzpUfDuGx
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in GBP/JPY are at opposite extremes with 68.25%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/un4cXxQsln
  • 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/Yl9vM7kO6a https://t.co/j1x2s8OmBt
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: -0.07% 🇬🇧GBP: -0.10% 🇪🇺EUR: -0.13% 🇯🇵JPY: -0.20% 🇳🇿NZD: -0.29% 🇦🇺AUD: -0.39% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/2cAp4ZgzJr
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.20% US 500: -0.40% France 40: -0.60% Germany 30: -0.62% FTSE 100: -0.84% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/snDymKUOcZ
  • AMC (6.75bln mkt cap) turned over 1.25 billion shares this past session for a 300% gain. Meanwhile Apple (2.4 tln mkt cap) only did 140 mln shares on an earnings day for a -0.8% loss
  • Will the US Dollar fall versus the Singapore Dollar, Taiwanese Dollar and Philippine Peso if a fiscal stimulus delay pressures Treasury yields? The Fed and earnings may keep risk appetite intact. Get your market update from @ddubrovskyFX here:https://t.co/Q7iRYGBcNo https://t.co/FxAL6FnUST
  • #Bitcoin starting to look extremely interesting as it carves out a Descending Triangle above $30,000 If support remains intact, a rebound back towards 33,500 looks on the cards A break of triangle resistance opening the door to a retest of the yearly high #BTC #BTCUSD https://t.co/0Su2gcNFag
  • All of this insanity is happening and we have only closed out Wednesday...
  • Natural gas is moving lower after weather models pointed to warmer-than-average temperatures across much of the US. Get your market update from @FxWestwater here:https://t.co/HuXPXu5PFU https://t.co/I7xklsoJbu
GBP/JPY, EUR/JPY Tested the Support & Eye The Resistance - JPY Price Forecast

GBP/JPY, EUR/JPY Tested the Support & Eye The Resistance - JPY Price Forecast

Mahmoud Alkudsi, Analyst

Euro & British Pound vs Japanese Yen Technical Outlook

  • EUR/JPY & GBP/JPY eye rallying further
  • Trading zones and signals to know

Weaker Momentum

On Thursday, EUR/JPY declined to its lowest level in three weeks at 116.35 then rallied after as some bears seemed to cover. In the following day, the weekly candlestick closed in the red with 2.5% loss. Meanwhile, GBP/JPY closed in the weekly candlestick on Friday with a Doji pattern highlighting the market’s indecision.

This week, the Relative Strength Index (RSI) rose from 41 to 50 on EURJPY reflecting a weaker downtrend move. On the other hand, the oscillator remained flat on GBPJPY near 50 signaling a lack of impulse to start uptrend move.

EUR/JPY Daily PRice CHART (NOV 15 , 2018 – April 7, 2020) Zoomed Out

EURJPY daily price chart 07-04-20 zoomed out
Traits of Successful Traders
Traits of Successful Traders
Recommended by Mahmoud Alkudsi
Traits of Successful Traders
Get My Guide

EUR/JPY Daily Price CHART (Jan 9 – April7 , 2020) Zoomed in

EURJPY daily price chart 07-04-20 zoomed in

Looking at the daily chart, we noticed that on April 2 EUR/JPY rebounded near the low end of current trading zone 116.45 – 119.63 then rallied eyeing a test of the 50-day average and the downtrend line originated from the Jan 16 high at 122.87.

A close above the high end of the zone may cause a rally towards 121.48. Further close above that level could extend the rally towards 124.10. Its noteworthy that, any break above the neckline of the double bottom pattern located at 121.15 would be a bullish signal and might lead EURJPY towards 125.82. That said, the daily and weekly resistance level underlined on the chart (zoomed in) should be kept in focus

In turn, any failure in closing above the high end of the zone could reverse the pair’s direction towards the low end of the zone. Further close below that level could encourage bears to send EURJPY even lower towards 113.22 . Yet, the weekly support levels printed on the chart should be monitored.

GBP/JPY Daily PRice CHART (NOV 15, 2018 – April 7, 2020) Zoomed Out

GBPJPY daily price chart 07-04-20 zoomed out
How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading
Recommended by Mahmoud Alkudsi
Improve your trading with IG Client Sentiment Data
Get My Guide

GBP/JPY Daily PRice CHART (JAN 27 – April 7, 2020) Zoomed In

GBPJPY daily price chart 07-04-20 zoomed in

From the daily chart, we noticed that on Friday GBP/JPY declined to current trading zone 128.84 – 133.30. Yesterday, the price rallied yet remained trading in the same zone. Today, the price reattempts moving to a higher trading zone.

Thus, a close above the high end of the zone may convince GBPJPY bulls to push for a test of 137.83. Further close above that level could encourage bulls to rally the market towards 143.20. Although, the weekly resistance levels underscored on the chart (zoomed in) should be watched closely.

On the flip-side, a close below the high end of the zone may send GBPJPY towards the low end of the zone. Further close below that level could entice bears to send the price even lower towards 125.50. In that scenario, the daily and weekly support levels marked on the chart should be considered.

Building Confidence in Trading
Building Confidence in Trading
Recommended by Mahmoud Alkudsi
Building Confidence in Trading
Get My Guide

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