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
Bullish
Wall Street
Mixed
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • BoE Governor Bailey: - Economic picture has been mixed since September as Covid resurges - Little evidence to go on for impact of January lockdowns $GBP
  • Forex Update: As of 17:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.68% 🇳🇿NZD: 0.56% 🇦🇺AUD: 0.56% 🇬🇧GBP: 0.13% 🇨🇭CHF: -0.11% 🇪🇺EUR: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ZtmzE3dmEy
  • Indices Update: As of 17:00, these are your best and worst performers based on the London trading schedule: US 500: 1.15% Wall Street: 0.59% FTSE 100: 0.09% Germany 30: 0.08% France 40: 0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/kCbRldWQS1
  • Joe Biden is officially sworn in as President of the United States.
  • Joe Biden sworn in as 46th President of the US. $USD
  • Heads Up:🇬🇧 BoE Gov Bailey Speech due at 17:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-01-20
  • $EURCAD fell from around 1.5440 to around 1.5300, hitting its lowest level since early July, following no change to BoC's policy and a press conference from BoC Gov. Macklem. $EUR $CAD https://t.co/UUmfalRbef
  • $EURUSD is bouncing between well-established technical levels - to the upside the midpoint of the pair's historical range and head-and-shoulders neckline. Downside, 38.2% Fib of past three months run and 50 DMA https://t.co/v5Ly5Ctnvj
  • BoC Governor Macklem: - Rise in Canadian Dollar does pose some risk - We don't target the Canadian Dollar - Most appreciation in Canadian Dollar is coming from broad-based depreciation of US Dollar #BoC $CAD
  • BoC Governor Macklem - Micro-cut is one option available to the BoC - If we see further appreciation of CAD that will become more of a headwind and that presents downward risk to our projections $CAD
Forex: USD/JPY Technical Analysis – Long Entry Setup Sought

Forex: USD/JPY Technical Analysis – Long Entry Setup Sought

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: 102.77-94 (76.4% Fib exp., trend line), 101.38 (Feb 17 low)
  • Resistance:103.26 (100% Fib exp.), 103.75 (123.6% Fib exp.)

The US Dollar continues to make slow headway against the Japanese Yen, with prices edging above resistance at a falling trend line set from late December. Near-term resistance is now at 103.26, the 100% Fibonacci expansion, with a break above that exposing the 123.6% level at 103.75. Alternatively, a turn back below the trend line (now at 102.94) and the 76.4% Fib at 102.77 aims for the February 17 low at 101.38.

Prices are wedged too closely between near-term support and resistance to justify a trade on risk/reward grounds. Furthermore, the presence of a Shooting Star candlestick warns against betting on upside follow-through. We are biased in favor of the upside but will stand side for now until a more attractive setup presents itself.

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

dailyclassics_usd-jpy_body_Picture_11.png, Forex: USD/JPY Technical Analysis – Long Entry Setup Sought

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