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
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
Bullish
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
Bearish
More View more
Real Time News
  • Despite China's better-than-expected 6.5% 4Q GDP report, $USDCNH is still up on the day. There is strong external influence on this rate, but Dollar still exerts the greater pressure. If it breaks 6.50 and Biden keeps pressure on China trade, I'll be watching https://t.co/5W5tcfeTZ5
  • Forex Update: As of 17:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.19% 🇨🇭CHF: 0.05% 🇪🇺EUR: -0.02% 🇨🇦CAD: -0.16% 🇦🇺AUD: -0.25% 🇳🇿NZD: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/BrmnTuolx0
  • The Capitol of the United States has been temporarily shut down ahead of President-Elect Biden's inauguration out of caution
  • Another Dollar pair on my radar is $USDCHF. Its 20-day day correlation coefficient to EURUSD is -0.90 (very strong negative). If the latter's break is sustained, both have appeal. If it stalls (soon), USDCHF is still abiding its resistance which supports establishing levels https://t.co/Pcre3xCbYd
  • Indices Update: As of 17:00, these are your best and worst performers based on the London trading schedule: US 500: 0.13% France 40: 0.11% Germany 30: 0.09% Wall Street: 0.07% FTSE 100: 0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/ZXdpvpEJJ3
  • Germany's central bank (Bundesbank) warned earlier today in its monthly report that if the government extended its Covid lockdown, the country could suffer "a sizeable setback"
  • The US Dollar Index rallied more than 0.6% this week marking the second consecutive weekly advance. Get your $USD update from @MBForex here: https://t.co/hVshzMbc31 https://t.co/LG0HG9fQ4c
  • There are a few Dollar pairs that have offered up a provocative, tentative technical break to suggest a reversal is possible. EURUSD is the top of my list to watch but $NZDUSD is of interest as well with many kiwi crosses offering similar view https://t.co/Ss74IIOdc7
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.17% 🇨🇭CHF: 0.05% 🇪🇺EUR: -0.05% 🇨🇦CAD: -0.27% 🇳🇿NZD: -0.28% 🇦🇺AUD: -0.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/uDoBCy0PfZ
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.34% France 40: 0.18% US 500: 0.07% Wall Street: -0.02% FTSE 100: -0.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/sjo06l6WZa
Forex: USD/JPY Technical Analysis – Candle Setup Points to Gains

Forex: USD/JPY Technical Analysis – Candle Setup Points to Gains

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: 101.36 (trend line)
  • Resistance:102.84 (23.6% Fib exp.), 103.75-104.14 (Mar 7 high, 38.2% Fib exp.)

The Japanese Yen strengthened as expected against the US Dollar but a reversal may now be in the cards as USD/JPY shows a bullish Piercing Line candlestick pattern at rising trend line support set from early February. Initial resistance is at 102.84, the 23.6% Fibonacci expansion, with a break above that targeting the March 7 high at 103.75 and the 38.2% level at 104.14. Trend line support is now at 101.36.

While a long trade looks attractive on a purely technical basis, we will tactically opt to pass on the opportunity. Strong correlation between USD/JPY and US 10-year US Treasury yields (0.77 on 20-day percent-change studies) hints at sensitivity to today’s FOMC policy announcement. Subsequent volatility carries the risk of materially changing positioning. With that in mind, we will stand aside and allow event risk to pass before committing to a position.

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

dailyclassics_usd-jpy_body_Picture_10.png, Forex: USD/JPY Technical Analysis – Candle Setup Points to Gains

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