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
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
Oil - US Crude
More View more

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • Your psychology has a significant impact on the decisions you make, particularly if you are new to trading. How can you avoid your emotions from turning you into a #FOMO trader? Find out: https://t.co/FC7CHpk9vA #FOMOintrading https://t.co/WSDr3JkpAG
  • $AUDUSD: Short-term support could lead-in to a quick bounce up to resistance as taken from another prior support level, plotted around the .6830 level on the chart. Get your market update from @JStanleyFX here: https://t.co/tUoe1Roo5t https://t.co/omaDxGNhZU
  • 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
Japanese Yen In Broad Retreat, US-China Trade Hopes Sap Haven Demand

Japanese Yen In Broad Retreat, US-China Trade Hopes Sap Haven Demand

2019-09-12 02:00:00
David Cottle, Analyst

Japanese Yen Technical Analysis Talking Points:

  • USD/JPY remains in a solid uptrend
  • Some consolidation may be needed soon, however
  • EUR/JPY bulls seem more cautious but are still in command

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’s countercyclical ‘haven’ position has seen it weaken against the US Dollar since late August. Markets have become more cautiously optimistic on US-China trade truce prospects and also hope for more monetary accommodation from the major central banks.

USD/JPY has now risen consistently since basing on August 25. It has been in a well-respected uptrend channel ever since, gaining for twelve days out of seventeen.

US Dollar Vs Japanese Yen, Daily Chart

The uptrend channel is relatively narrow but nonetheless looks quite secure at present. The pair looks quite secure within it, too, with the lower bound more than a full Yen below the market at 106.80. That point must now be regarded as important near-term support, but there’s another likely prop closer to hand at 107.55. That’s the closing low of August 1, and important point for the bulls as they attempt to claw back the heavy falls seen between July 31 and August 5.

If they can do so by reclaiming the 108.73 region it could be a powerful psychological boost. That is the probable first key resistance. Dollar bulls should be able to get there but they may need a period of consolidation first.

Given the highly correlated nature of markets right now, it shouldn’t be a surprise that many major Yen crosses exhibit similar traits right now, and indeed they do.

EUR/JPY is no exception, but it has perhaps risen a but less vigorously than most, and bounced a bit more recently.

Euro Vs Japanese Yen, Daily Chart

On its daily chart the single currency seems to be trying to edge into a resistance zone marked by the closing top of August 13, a notable recent peak. It hasn’t quite made it there yet but, assuming risk appetite doesn’t get a left-field knock, it seems likely to, probably quite soon. A weekly close above that point would put August 6’s intraday top of 119.72 in play.

Japanese Yen, 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.


News & Analysis at your fingertips.