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
EUR/USD
Bullish
Oil - US Crude
Bullish
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
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
GBP/USD
Bullish
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
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here:https://t.co/1oygcFMFNs https://t.co/d9EmTOHyTv
  • Traders tend to overcomplicate things when they’re starting out in the forex market. This fact is unfortunate but undeniably true.Simplify your trading strategy with these four indicators here:https://t.co/A4dqGMPylo https://t.co/xqbUxwWgTZ
  • An economic calendar is a resource that allows traders to learn about important economic information scheduled to be released. Stay up to date on the most important global economic data here: https://t.co/JdvW6HNuqV https://t.co/Gi8LHCT5sB
  • The AB=CD pattern is simple once you know how to spot it and draw the proper Fibonacci retracements. Make your trading strategy as simple as ABCD here: https://t.co/AKmlmaAZBS https://t.co/FFmRYyx4ou
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here: https://t.co/aVAzFypAg1 https://t.co/r7aJb4qpqc
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here: https://t.co/ERyiY47G5H https://t.co/fIGDaDW21V
  • ...even more incredible is net speculative futures positioning in $EURUSD, rounding off from a record net long position...and it hasn't even cleared 1.20... https://t.co/SfyYTMTT1x
  • Net speculative futures positioning in the Dollar (here overlaid with the $DXY) has pushed to extreme levels commensurate to the levels in Oct 2017 and April 2018 https://t.co/JqHGgVUCqc
  • The $SPX closed below the 50-day moving average Friday. The first time it has done so in 103 trading days. The 'technical' end of an exceptional run: https://t.co/HUn5Q6JmlK
  • Despite recent weakness in the #SP500, the growth-linked New Zealand Dollar has been gaining momentum ahead of the #RBNZ next week Could this trend continue, or will $NZDUSD capitulate to the mercy of risk trends? Check out my fundamental outlook - https://www.dailyfx.com/forex/fundamental/forecast/weekly/nzd/2020/09/19/New-Zealand-Dollar-Outlook-NZDUSD-May-Rise-on-RBNZ-Watch-SP-500.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/34vcR4fjpT
Japanese Yen Technical Analysis: Charts Suggest USD Winning, Just

Japanese Yen Technical Analysis: Charts Suggest USD Winning, Just

2018-10-24 02:28:00
David Cottle, Analyst
Share:

Japanese Yen Technical Analysis Talking Points:

  • USD/JPY’s main daily chart uptrend channel is still with us
  • However its upside has not been tested for months and the base is very close to market
  • EUR/JPY could add to the drag

Get live and interactive coverage of all major Japanese economic data at the DailyFX Webinars. We’d love to have you join us.

The Japanese Yen has kept the US Dollar well below its recent 2018 peaks, but a well-respected USD/JPY uptrend is hanging on, albeit barely.

Hanging On. US Dollar Vs Japanese Yen, Daily Chart

At present the broad upward channel that has contained all USD/JPY trade since the lows of late March continues to hold sway, but Dollar bulls cannot be entirely comfortable with the fact that its top has not been tested since mid-July. Still, they have managed to defend the channel base quite doggedly, with the most recent attempt having failed on Monday of this week.

It was a close-run thing, though, and the uncommitted may wish to wait on this week’s close to see if the trend can endure. If it can the first order of business must probably be to reclaim mid July’s peaks in the 113.05 region. It seems likely that a solid base there will be needed before the market can dream of another try at October 4’s top of 114.64 –also the year’s high.

Fundamental interest-rate differentials suggest that the Dollar should probably be able to retake that level and move higher in due course. But the glowering prospect of trade conflict and the Yen-favoring haven bids it can bring are muddying those waters.

To the downside, that channel base lurks perhaps uncomfortably close to market, at 11.86 or so. If that breaks the Dollar could easily find itself in further trouble with support perhaps scant until 110.74. That’s the 38.2% Fibonacci retracement of the rise up from the lows of March to this year’s highs. Probably not coincidentally, the uptrend channel’s base is now just about spot on the first, 23.6% retracement point.

Still, the trend is probably still worth playing on a short-term basis if it can endure past this week’s close.

USD/JPY may also face some downward drag from EUR/JPY. The single currency has broken decisively below its old trading range against the Japanese unit in the past week.

Range Broken: Euro Vs Japanese Yen, Daily Chart

Euro bulls seem to be defending September’s lows in the 128 region but they have their work cut out and August’s trade in the 125 regon will probably beckon again if they fail.

Resources for Traders

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.

DISCLOSURES