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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

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
Wall Street
More View more
Real Time News
  • $Gold came close, just couldn't take out that Oct high yday. Question for today - will Gold bulls defend support? TL projection + 1900 just below $GLD $XAUUSD
  • US House Speaker Pelosi says will soon be ready to put pen to paper on stimulus bill
  • 🇺🇸 Initial Jobless Claims (17/OCT) Actual: 787K Expected: 860K Previous: 898K
  • 🇺🇸 Jobless Claims 4-Week Average (17/OCT) Actual: 811.25K Previous: 866.25K
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.61%, while traders in EUR/USD are at opposite extremes with 74.90%. See the summary chart below and full details and charts on DailyFX:
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here:
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.16% 🇯🇵JPY: -0.07% 🇨🇦CAD: -0.14% 🇦🇺AUD: -0.21% 🇪🇺EUR: -0.33% 🇬🇧GBP: -0.41% View the performance of all markets via
  • Heads Up:🇺🇸 Initial Jobless Claims (17/OCT) due at 12:30 GMT (15min) Expected: 860K Previous: 898K
  • Heads Up:🇺🇸 Continuing Jobless Claims (10/OCT) due at 12:30 GMT (15min) Expected: 9500K Previous: 10018K
  • Heads Up:🇺🇸 Jobless Claims 4-Week Average (17/OCT) due at 12:30 GMT (15min) Previous: 866.25K
USD/JPY & GBP/JPY A Risk of Possible Reversal - JPY Price Forecast

USD/JPY & GBP/JPY A Risk of Possible Reversal - JPY Price Forecast

2019-10-31 14:30:00
Mahmoud Alkudsi, Analyst

GBP /JPY and USD/JPY Technical Analysis

See Our latest trading guides for free and discover what is likely to move the markets through Q4 of this year.

GBP/JPY, USD/JPY – Hesitant Buyers

Yesterday, USD/JPY rallied to 109.28- its highest level in two months. However, the price slipped back and closed with a bearish doji pattern. On the other side, GBP/JPY peaked on oct 17 and printed 141.51- its highest level in nearly five months. Later, the uptrend move paused highlighting buyer’s hesitation at this stage.

Since Oct 10, the Relative Strength Index (RSI) has been moving above 50 on both pairs, indicating to uptrend momentum is still intact.

Having trouble with your trading strategy? Need a hand? Here’s the #1 Mistake That Traders Make

USD/JPY Daily PRice CHART (Nov 20, 2017 – Oct 31, 2019) Zoomed Out

USDJPY price daily chart 31-10-19 Zoomed out

USD/JPY Daily Price CHART (May 20– Oct 31, 2019) Zoomed in

USDJPY price daily chart 31-10-19 Zoomed in

Looking at the daily chart, we notice today the price has declined to lower trading zone 107.30 -108.61.

Hence, a close below the high end of the zone could send USDJPY towards the low end. Further close below the low end could see the price trading even lower towards 105.50. In that scenario, the weekly support levels and area marked on the chart (zoomed in) should be considered.

On the other hand, any failure in closing below the high end could rally USDJPY towards the vicinity of 109.75-84. See the chart to know more about higher trading zone/s with the weekly resistance levels the price would test in a further bullish move.

It’s worth noting that, the pair could be on course to create the second shoulder of an inverted head and shoulders pattern. If the price breaks and remain above 109.32 , this could cause a rally towards 113.00 handle or above.

Just getting started? See our Beginners’ Guide for FX traders

GBP/JPY Daily PRice CHART (July 20, 2017– Oct 31, 2019) Zoomed Out

GBPJPY price daily chart 31-10-19 Zoomed out

GBP/JPY Daily PRice CHART (JuLY 31 – Oct 31, 2019) Zoomed In

GBPJPY price daily chart 31-10-19 Zoomed in

From the daily chart, we notice on Oct 24, GBP/JPY rebounded nearby the low end of current trading zone 139.00- 140.50. Since Tuesday, the price tested the high end in multiple occasions however, has not been able yet to close above it.

Hence, a successful close above the high end of the zone may push GBPJPY towards the vicinity of 143.09-19. Further close above 143.19 could mean more bullishness towards the vicinity of 144.80-94. Although, the weekly resistance levels underlined on the chart (zoomed in) should be kept in focus.

On the other hand, another failure in closing above the high end of current trading zone could press GBPJPY towards the neckline of double top pattern located at 138.87. This suggests if the pair breaks and remains below the neckline, it could correct lower towards 136.40. Nevertheless, the weekly support levels underscored on the chart should be watched closely.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

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