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
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
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
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
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.09%, while traders in France 40 are at opposite extremes with 74.96%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/wxHvel5wMw
  • Heads Up:🇺🇸 Fed Rosengren Speech due at 17:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-04-12
  • - Fed will be less preemptive on reacting to inflation - I do think we'll get more inflation this year
  • #Gold has continued to step back from the one month high hit around 1,755 last week, dropping to a fresh six day low around the 1,730 level today. $XAU $GLD https://t.co/I3qpQ1k7MR
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.54% Gold: -0.69% Silver: -1.79% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/oC1w9BWJTn
  • - Hopeful that the economy can switch to high-productivity growth after the pandemic - Appetite for holding liquid government debts is insatiable and this trend does not look to be reversing
  • USD/CAD attempts to retrace the decline following the update to Canada’s Employment report in an effort to retain the opening range for April. Get your $USDCSD market update from @DavidJSong here:https://t.co/TZ7s4X1VXF https://t.co/aqycOmCINp
  • - Will defer to Chair Powell to begin tapering discussion - We remain on the lookout for financial stability risks - Improved regulatory frameworks put in place since the financial crisis have helped mitigate these risks
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.26% 🇯🇵JPY: 0.23% 🇬🇧GBP: 0.23% 🇦🇺AUD: 0.01% 🇳🇿NZD: -0.03% 🇨🇦CAD: -0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/LXnEJybdjH
  • - Pandemic has not yet come to a close in the US - Still too early to talk about changing monetary policy - Want to maintain easy policy while we're still in the pandemic
USD/JPY Technical Analysis: BoJ Surprise Brings Volatility, Yet The Range Holds

USD/JPY Technical Analysis: BoJ Surprise Brings Volatility, Yet The Range Holds

Tyler Yell CMT,

To receive Tyler’s analysis directly via email, please sign up here.

Talking Points:

- USD/JPY Technical Strategy: Flat, Awaiting Breakout

- Recent Spike Fails To Take Out Key Resistance at 123.75

-USD/JPY Key Support Going Forward: 120.00 Late October Low

Markets received a late December surprise from the Bank of Japan in the form of QE expansion. While maintaining the current stimulus program of expansion at an annual pace of 80 trillion yen, nearly $US656b, traders were surprised by details in the BOJ’s statement. The BoJ noted a change to maturity of holdings as well as expand the annual purchase of 3 trillion yen worth of exchange-traded funds or ETFs, the bank established a new program to buy 300 billion yen in ETFs. The additional ETF purchase shows that there is no plan to taper soon, and now traders look to the April BoJ meeting for further stimulus. Until then, the market will likely be driven by risk sentiment abroad.

USD/JPY saw a large range of 250 pips as the BoJ data was digested. While the market remains choppy, attention should be paid toward the November high of 123.75. A break and close above that level could well show we are on our way to the June / August high range of 125.25/85. Support at 120.00 appears to underpin price, but even a break below 120 could fail to bring out the JPY buyers many expect. Since the May 2013 top, USDJPY has had the propensity to correct the larger uptrend with long and drawn out sideways consolidations. Should this play out once more, we could see a sideways move until mid-2016 that has breakouts acting as a trap as the market mean reverts. Only a break below the August low would take a triangle consolidation out of the picture.

While the price has traded sideways in 2H2015, the larger picture appears favorable for bulls as the Federal Reserve surprised even USD Bulls while the BoJ showed that new forms of easing are still welcome for their monetary policy plans. Of the three common scenarios in a market, up, down, or sideways, up remains preferred due to fundamental and technical factors. Should the bullish break above 123.75 happen, we can use the post-BoJ low of 121.05 as support against the view of new highs.

USD/JPY Awaits Break Above 123.75 Before Favoring New Highs.

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

DISCLOSURES