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.

Free Trading Guides
Oil - US Crude
More View more
Real Time News
  • The Australian Dollar and New Zealand Dollar tend to rise with stocks. They have recently fallen despite gains in the #SP500. What does this mean for $AUDUSD and $NZDUSD ahead? #AUD #NZD #RBA #RBNZ - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/01/17/AUDUSD-NZDUSD-Outlook-Looks-Past-Stocks-to-Rate-Cut-Bets.html?CHID=9&QPID=917702 https://t.co/ddf2fV7Kyl
  • A few snippets from today's commentary. Check out the link below for the full story (via @DailyFX). https://t.co/I31tuq764r https://t.co/x0BaiOFA1P
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/e2YrN3dBrl
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.00%, while traders in France 40 are at opposite extremes with 79.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/UL7hqSD2Ki
  • US Dollar Forecast: $USD Lacking Impetus Ahead of Consumer Sentiment #Forex traders shift focus away from US-China trade deal headlines - perhaps toward the monthly release of #ConsumerSentiment data for volatility and clues on the Greenback's next move https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2020/01/16/us-dollar-forecast-usd-lacking-impetus-ahead-of-consumer-sentiment.html
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.11% 🇦🇺AUD: -0.02% 🇯🇵JPY: -0.03% 🇨🇭CHF: -0.05% 🇬🇧GBP: -0.06% 🇨🇦CAD: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Kxcb9EtIWb
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.45% France 40: 0.26% Wall Street: 0.07% US 500: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/I5YIsKQAog
  • 🇯🇵 JPY Tertiary Industry Index (MoM) (NOV), Actual: 1.3% Expected: 1.0% Previous: -5.2% https://www.dailyfx.com/economic-calendar#2020-01-17
  • The $JPY has weakened as a bounce-back in risk appetite saps haven-asset demand. However, the old uptrend line still provides clear resistance. Get your market update from @DavidCottleFX HERE:https://t.co/IMhgQ9jbF9 https://t.co/I7087olftk
  • Heads Up:🇯🇵 JPY Tertiary Industry Index (MoM) (NOV) due at 04:30 GMT (15min), Actual: N/A Expected: 1.0% Previous: -4.6% https://www.dailyfx.com/economic-calendar#2020-01-17
Japanese Yen Technical Analysis: USD/JPY Uptrend Looks Solid

Japanese Yen Technical Analysis: USD/JPY Uptrend Looks Solid

2018-06-06 03:30:00
David Cottle, Analyst


  • USD/JPY’s slide stalled at key support
  • Bulls have built on that base
  • Similar patterns are evident in EUR/JPY and GBP/JPY

Find out what retail foreign exchange traders make of the Japanese Yen’s chances right now at the DailyFX Sentiment page.

The Japanese Yen is coming under renewed technical pressure against the US Dollar, the greenback having bounced quite convincingly from key support.

USD/JPY’s recent decline was arrested at the end of May when it reached 38.2% Fibonacci retracement of its rise up from the lows of March to the peaks of May 21. That came in at 108.80 and, although USD/JPY did get below this, it didn’t get far and that level broadly contained its fall.

US Dollar Vs Japanese Yen, Daily Chart.

US Dollar bulls now seem to have made that level a platform for a modest fightback, with an uptrend channel now well in place on the daily chart. The channel top is at 109.98 or so currently and seems to have survived another upside test.

However, the downside barrier remains comfortingly far off for bulls, at 109.04, nearly a full Yen below current levels.

US Dollar Vs Japanese Yen, Daily Chart.

Momentum indicators don’t look at all stretched and the pair’s simple moving averages don’t suggest anything untoward so it could be wise to play this channel for now. One risk might be that the most recent failure at the upside sets up instead a broad range trade which eventually would negate the channel, but it is too early to say whether or not this will be the case.

US Dollar Vs Japanese Yen, Daily Chart

Similar bounces are evident on the daily charts of many Japanese Yen crosses. They can certainly be seen in the cases of both EUR/JPY and GBP/JPY.

GBP/JPY bulls have built nicely on their bounce, which took place in late May in the 143.88 area.

UK Pound Vs Japanese Yen, Daily Chart

That said they still have much work ahead of them if they are going to fully make back all the ground they lost in the dramatic sequence of falls seen between May 18 and May 29. At present, it doesn’t seem as if they have that sort of vigor, although a rise above the long, falling candlestick of May 23 might suggest that they were acquiring it. The Pound would have to get above 148.85 and stay there to confirm this, however, and that remains some way off to the upside.


Whether you’re new to trading or an old hand DailyFX has plenty of resources to help you. There’s our trading sentiment indicator which shows you live how IG clients are positioned right now. We also hold educational and analytical webinars and offer trading guides, with one specifically aimed at those new to foreign exchange markets. There’s also a Bitcoin guide. Be sure to make the most of them all. They were written by our seasoned trading experts and they’re all free.

--- Written by David Cottle, DailyFX Research

Follow David on Twitter@DavidCottleFX or use the Comments section below to get in touch!

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


News & Analysis at your fingertips.