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
Bullish
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
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
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
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in EUR/JPY are at opposite extremes with 64.66%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/juDA0EsIR7
  • Totally normal market behavior happening in $GME which was just halted after surging 69% in the session https://t.co/UT6RrOhZ2L
  • $EURCAD hit an intraday high just shy of 1.5500 before turning slightly downward. The pair is currently trading at its highest levels since early last week. $EUR $CAD https://t.co/Cj6Vu9Rg5L
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Gold: -0.84% Oil - US Crude: -1.40% Silver: -1.82% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Nc1fRSiBw5
  • Forex Update: As of 17:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.08% 🇨🇭CHF: -0.03% 🇯🇵JPY: -0.27% 🇳🇿NZD: -0.52% 🇦🇺AUD: -0.54% 🇨🇦CAD: -0.64% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/hFb5XRGzCL
  • UK PM Johnson says there are some new evidence that the new COVID variant may be linked to higher mortality $GBP
  • Get your Friday market update from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/bbnkIHROmI
  • Indices Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.33% France 40: 0.31% FTSE 100: 0.27% US 500: -0.15% Wall Street: -0.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/dUuCgtComn
  • #Bitcoin is currently trading around $32,600, heading higher today after briefly dipping below the $30,000 level early this morning. $BTC https://t.co/bmrf8cffca
  • The US Dollar has been whipsawing today amidst risk-off sentiment in the US equity markets, with the $DXY trading between 90.08 and 90.30. $USD https://t.co/HPeIFlT5Px
Forex: USD/JPY Technical Analysis – Passing on Short Trade Setup

Forex: USD/JPY Technical Analysis – Passing on Short Trade Setup

Ilya Spivak, Head Strategist, APAC

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • USD/JPY Technical Strategy: Flat
  • Support: 101.03 (38.2% Fib exp.), 100.48 (50% Fib exp.)
  • Resistance:101.71-88 (23.6% Fib exp., trend line),102.82 (Feb 21 high)

Prices took out support at 101.71 marked by a rising trend line set from early October and the 23.6% Fibonacci expansion, exposing the 38.2% level at 101.03. A further push below that targets the 50% level at 100.48. Alternatively, reversing back above 101.71 aims for the February 21 high at 102.82.

A short position targeting 101.03 with a stop-loss activated on a daily close above 101.71 requires an entry no lower than 101.37 to maintain a 1:1 risk/reward ratio. While that means that the pair is currently trading at acceptable levels to take the trade from that perspective, we will opt to stand aside. The move lower has been triggered by geopolitical event risk, which makes for a shaky landscape with high probability of seesaw price action and raises concerns about downside follow-through.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_usd-jpy_body_Picture_3.png, Forex: USD/JPY Technical Analysis – Passing on Short Trade Setup

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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

DISCLOSURES