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
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
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
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
More View more
Real Time News
  • $Gold breaks the st sym wedge, next big question - what happens at 1985-2k https://t.co/pnF9DwmOGj https://t.co/EOPIoIt9RN
  • S&P 500, Nasdaq Price Forecast: SPY, QQQ Inch Towards All-Time-Highs https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2020/08/13/SPX-SPY-ES-Nas100-Price-Forecast-SPY-QQQ-Near-All-Time-Highs.html https://t.co/B5CRdXtgVT
  • Heads Up:🇲🇽 Interest Rate Decision due at 18:00 GMT (15min) Expected: 4.5% Previous: 5% https://www.dailyfx.com/economic-calendar#2020-08-13
  • Fauci: Health is primary concern for reopening schools - BBG
  • While the Dollar is under pressure, most USD pairs are still abiding recent congestion. $USDCAD is an exception, tentatively slipping a trendline support going back to 2012. That said, it is unlikely just one Dollar pair will run while others range https://t.co/tZLVa4gJNp
  • The British Pound has shown strength so far this week against both the US Dollar and the Japanese Yen.Get your $GBP technical analysis from @JStanleyFX here: https://t.co/GMt8FhWM66 https://t.co/AgSEA24Tp0
  • Fauci: US didn't have universal effort to contain COVID pandemic - BBG
  • US 30-Year Bonds Draw 1.406% Primary Dealers Awarded: 28.3% Indirect Bidders Accepted: 59.8% Direct Bidders Accepted: 11.9% B/C Ratio: 2.14 $TNX
  • Commodities Update: NYM WTI Crude 42.27 (-0.94%), ICE Brent Crude 45.00 (-0.95%), NYM NYH Gasoline 122.56 (-1.46%). [delayed]
  • #Gold prices have stabilized after suffering their worst daily loss since April 2013. Are bulls still in control? Find out from @CVecchioFX here: https://t.co/YHqxUnKZte https://t.co/F9TdNFQGhA
Japanese Yen Closely Tracks Trade Headlines, USD/JPY Downtrend Rules

Japanese Yen Closely Tracks Trade Headlines, USD/JPY Downtrend Rules

2019-10-10 05:00:00
David Cottle, Analyst
Share:

Japanese Yen Technical Analysis Talking Points:

  • USD/JPY has fallen below range support and regained it this week
  • One-month lows still look important near term
  • Trade headlines are sure to continue driving this week

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 had a good deal of fundamental support from worries that trade talks between the US and China may not be going anywhere. Thursday’s report that the US is considering a currency pact with its rival has lifted the mood somewhat but risk appetite remains fickle and will be driven by the headlines from Washingon.

Obviously, any signs that the talks are struggling, and that the two countries’ reciprocal tariff war will go on, will help perceived haven assets such as the currencies of Japan and Switzerland, while signs of progress will weigh on both.

Technically USD/JPY has slid to one-month lows in the past ten days, but there does seem to be a degree of reluctance on the part of the Dollar bears to push matters below that point at present.

US Dollar Vs Japanese Yen, Daily Chart

That point marks the brad range base which had contained the pair from early September until October 2. However, the Dollar is now back above that point but looking far from comfortable there and the level still bears close watching.

Clearly the fundamentals are now driving this market and the uncommitted may be well advised to wait at least until the current round of trade talks concludes. If USD/JPY can remain close to current levels when they do, that might be a sign of some resilience both in the Dollar and risk appetite.

However, even if no sharp falls are seen, the pair will still be well within the long downtrend which has capped the market since late April and which shows no sign at all of letup.

It now comes in well above the market at 108.21. Assuming that support holds, Dollar bulls’ first order of business will probably be to reclaim the sharp falls seen between October 1 and 3, which would put focus on resistance at 108.04. IF that can be retaken then the range top at 108.40 will be the next point of interest.

However, at present the market looks a bit stretched with the range base probably far more important. Should it give way, support from late August in the 106.57 area will be eyed.

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!

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.