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
EUR/USD
Bearish
GBP/USD
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
USD/JPY
Mixed
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Notice

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • Central bank independence has several advantages. Find out what they are in detail with @MartinSEssex here: https://t.co/wVFXbbTxf1 https://t.co/cQQmuH8biQ
  • The US Dollar remains in consolidation mode against the Philippine Peso and Indian Rupee. Will the Singapore Dollar weaken as $USDSGD rising support holds ahead? Find out from @ddubrovskyFX here: https://t.co/HZ8Loqj3Ey https://t.co/6PCFkdj3ka
  • Follow @DailyFXedu for your regular #webinar updates with @DailyFX analysts and catch up on the webinars you missed. https://t.co/Da10QUg9r1
  • Greed has proven to be a hindrance more than assistance for traders. How does greed lead to #FOMOintrading? Find out from @RichardSnowFX here: https://t.co/aT8TZjlFqP https://t.co/Le8Qx6OOwV
  • $GBPUSD at the moment break-even straddles = 152pips meaning that for option traders to realize gains, the spot price must see a move greater than 152pips. Get your market update from @JMcQueenFX here: https://t.co/odj2lLRrGf https://t.co/RXCBwHGluG
  • $EURGBP has fallen over 6% since August and is now rapidly approaching a critical support level not reached since May. Will a break below accelerate the aggressive selloff? Find out from @ZabelinDimitri here: https://t.co/CBM8Fg7vM0 https://t.co/0yDnEpzQqR
  • The #Euro is struggling for direction against the US Dollar but the near-term downtrend guiding it lower since late June remains firmly intact. Where is $EURUSD heading? Get your technical analysis from @IlyaSpivak here: https://t.co/us6AINmuoe https://t.co/J4hQtyprYf
  • $DXY & $SPX500 hold steady after #FED rate cut. Get your update from @JohnKicklighter here: https://t.co/vqXlKCMDYA
  • Dow Jones & Dax 30 levels to watch ahead of the fed from @PeterHanksFX here: https://t.co/iUIrsygKz2
  • The politics of the US and UK may be starkly divided but their grip on the vast, $6.6 trillion global foreign exchange trade seems as tight as ever. Get your market update from @DavidCottleFX here:https://t.co/xTKHOvrIqg https://t.co/vtHhdnF82Q
Japanese Yen Holds Dollar Bulls At Bay, USDJPY Range Threatened

Japanese Yen Holds Dollar Bulls At Bay, USDJPY Range Threatened

2019-05-01 01:50:00
David Cottle, Analyst
Share:

Japanese Yen Technical Analysis Talking Points:

  • USD/JPY seems to be topping out
  • AUD/JPY has returned to the trading range which has dominated the year
  • Neither of these indicators need be false, but bear the long Japanese holiday in mind

Join our analysts for live, interactive coverage of all major Japanese economic data at the DailyFX Webinars. We’d love to have you along.

The Japanese Yen has been under pressure against the US Dollar for much of 2019 but its bulls seem to have found a line to hold around current USD/JPY levels where the greenback is making heavy weather of progress.

Admittedly USD/JPY remains within the daily-chart uptrend channel which has delineated trade since the lows of January.

US Dollar vs Japanese Yen, Daily Chart

However, as we can clearly see, the top of that channel has not faced a serious challenge since March 6 and now its lower bound is far closer to the market. Indeed, it provides immediate near-term support at the 111.00 mark.

An approach to that would also imply a test of the current range base at 110.91. If both give way that would be a pretty strong signal that the pair had topped out at April’s highs. Focus would then center on the previous significant low, the 109.65 set on March 25. That would coincide almost exactly with a 50% retracement of the year’s rise so far.

Any return to vigor for Dollar bulls would probably see an attempt at the range top, 112.44. A break above that might be significant as it would mean that the sharp falls we saw back at the end of December had been all-but clawed back. This would be a striking vote of confidence, but it doesn’t look likely in the near-term at least.

It is worth pointing out that Japanese markets will be thinly staffed until May 7 because of the extended public holidays around the accession of the new Emperor there. Tokyo is usually a regional rather than global foreign exchange bellwether. All the same the uncommitted may be well advised to await its return for a full picture of the Yen’s position.

Against the Australian Dollar, meanwhile, the Japanese Yen has been pretty much rangebound all year. The cross did manage a few days above the range top last month, but it has now sunk back emphatically within it.

Australian Dollar Vs Japanese Yen, Daily Chart

The Aussie seems to be consolidating above the range base for now, but momentum remains middling and does not suggest the impetus for a break either way anytime soon.

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!

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

DISCLOSURES

News & Analysis at your fingertips.