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
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
Bearish
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Have you been catching on your @DailyFX podcast "Global Markets Decoded"? Catch up on them now, before new episodes release! https://t.co/Twr44cZ1GB https://t.co/6b3JtrSQnP
  • Join @PaulRobinsonFX 's #webinar at 5:30 AM ET/9:30 AM GMT to learn about how you can become a better trader. Register here: https://t.co/WeWGKtdlyz https://t.co/4hIQtGPL0N
  • Gold Prices May Resume Selloff After Digesting Largest Drop in 7 Years - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2020/08/13/Gold-Prices-May-Resume-Selloff-After-Digesting-Largest-Drop-in-7-Years.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #XAUUSD #gold https://t.co/aWOvE1KJXc
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.83%, while traders in US 500 are at opposite extremes with 77.46%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/EQ77jevtaX
  • Heads Up:🇫🇷 IEA Oil Market Report due at 08:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-08-13
  • Hey traders! I'm sure you've all heard about trend trading. Sharpen your knowledge here: https://t.co/jkliL5sxj7 https://t.co/QPW1os7wbE
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Silver: 0.98% Gold: 0.60% Oil - US Crude: -0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/gDZGfvBOHv
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.31% 🇨🇭CHF: 0.22% 🇬🇧GBP: 0.21% 🇦🇺AUD: -0.01% 🇨🇦CAD: -0.03% 🇳🇿NZD: -0.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/9IwXKOUieT
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.16% US 500: -0.17% Germany 30: -0.24% France 40: -0.50% FTSE 100: -0.96% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/MtMyrT3zZY
  • Heads Up:🇨🇳 FDI (YTD) YoY (JUL) due at 07:00 GMT (15min) Previous: -1.3% https://www.dailyfx.com/economic-calendar#2020-08-13
Japanese Yen Technical Analysis: USDJPY Uptrend Still Worth Tracking

Japanese Yen Technical Analysis: USDJPY Uptrend Still Worth Tracking

2019-02-28 04:03:00
David Cottle, Analyst
Share:

Japanese Yen Technical Analysis Talking Points:

  • USD/JPY’s 2019 uptrend shows little sign of breaking to either side
  • More rises still look like the most likely course
  • GBP/JPY has gained sharply but now looks over-extended

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 remains broadly on the defensive against the US Dollar and seems likely to remain so for as long as fundamental risk appetite holds up.

USD/JPY remains within the well-respected daily-chart uptrend which has held sway since January 10 and which is itself a continuation of the longer rise up from the recent significant low, which was printed on January 2.

US Dollar Vs Japanese Yen, Daily Chart

While a channel break either way doesn’t look immediately likely, the pair is clearly much closer toward the channel top than it is to the base and, within the channel has just managed to print a higher-high. Monday’s close this week put USD/JPY above February 13’s top of 113.07, which was also the last time the channel top was tried and rejected.

Admittedly the pair as seen some sharp down days, when risk appetite has diminished but until a break is confirmed there seems little better short-term option than continuing to play the channel. It now offers resistance at 111.59 a point which would appear to be too far above the market for an immediate test unless daily ranges start to widen once more.

Immediate support looks to be around 110.33, where the 23.6% Fibonacci retracement of this year’s rise kicks in.

Bulls of the British Pound are doing well against the Japanese Yen, meanwhile, as they are against most other currencies as markets speculate about a delay to Brexit, or the diminishing chance of a damaging ‘no deal’ walkout for the UK.

UK Pound Vs Japanese Yen, Daily Chart

Whatever the merits of these prognoses, GBP/JPY is now back up to highs not seen since late last year, with a solid uptrend in place from the lows of January, 2019. That said the Pound now looks unsurprisingly overbought and probably ready for a little consolidation.

Should that occur and take the cross no lower than the previous significant peak then Sterling bulls will probably remain in the driving seat overall. That peak was 144.54 and it was printed intraday on January 25

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

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.