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.

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
Subscribe
Please try again
EUR/USD
Mixed
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
Mixed
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
Bearish
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM73cHA https://t.co/vGW5BygTXU
  • When it comes to buying and selling forex, traders have unique styles and approaches. Learn about buying and selling forex here: https://t.co/xngExEdFdu https://t.co/kqpJ6oGXgt
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/F4dXbUzU3o https://t.co/G0ZWWVtSrZ
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfIZNKr https://t.co/5js6tWk5bY
  • The Euro has regained lost ground against its major counterparts recently. Are further gains in the offing or is this just a short-term countertrend correction? EUR/USD, EUR/JPY, EUR/GBP, EUR/NZD key levels. Get your market update from @DanielGMoss here:https://t.co/Z71MZEIJWC https://t.co/YAr1kN4eKd
  • Coinbase’s impending initial public offering could provide the necessary fuel for Bitcoin to push to fresh record highs in the coming days. Get your market update from @DanielGMoss here:https://t.co/twdu0zqmIM https://t.co/72HRMZlKUn
  • The Swiss Franc has positioned itself against key levels versus the Australian Dollar, New Zealand Dollar and Euro over the past week. Where next for AUD/CHF, NZD/CHF and EUR/CHF? Find out from @FxWestwater here:https://t.co/CrtQGzvWnm https://t.co/j5Zjn5zY0D
  • (Weekly Fundy) Australian Dollar Forecast: AUD/USD May Rise as Dovish Fed Calms Yields, US Dollar $AUDUSD #AUD #USD #Bonds #Fed https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/04/17/Australian-Dollar-Forecast-AUDUSD-May-Rise-as-Dovish-Fed-Calms-Yields-US-Dollar.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/gQDr5fBosb
  • The Japanese Yen and Swiss Franc may outperform the US Dollar amid rising long bets in USD/JPY and USD/CHF. But, broader uptrends since January could still remain in play. Get your market update from @ddubrovskyFX here:https://t.co/Qpeuuyrxhj https://t.co/EfgW9aj7wo
  • Bitcoin struggled to maintain a push into record highs and appears to be vulnerable to a near-term pullback. Litecoin and Ethereum saw more aggressive gains, will their momentum accelerate? Get your $btc market update from @ddubrovskyFX here:https://t.co/f5d7qs5j3z https://t.co/xxMX4YFKCC
Japanese Yen May Keep Struggling Against Resurgent US Dollar

Japanese Yen May Keep Struggling Against Resurgent US Dollar

David Cottle, Analyst

Japanese Yen Technical Analysis Talking Points:

  • USD/JPY has made notable gains above its previously dominant downtrend
  • A new uptrend channel seems quite well entrenched already
  • GBP/JPY is much more range bound but holding on near its highs

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 come under renewed pressure against a generally resurgent US Dollar which shows little obvious sign of abating anytime soon.

Fundamentally the Dollar’s strength is rooted in the Federal Reserve’s apparent disinclination to underwrite multiple interest rate cuts given the relative strength of the US economy, and in haven demand as the US-China trade story twists on.

USD/JPY has powered up to highs not seen since late May, with the exception of one intraday high on August 2.

Japanese Yen, Daily Chart

The pair is now within an uptrend channel in place since October 7 and which is itself only a better respected section of a longer channel up from the lows of August 25. Within that channel the Dollar has managed to break above its previously dominant downtrend line and consolidate that break with a bounce at the line on October 31. After that it went on to make a higher high above the previously significant peak, which was made the day before.

There’s little sign that this uptrend is going to reverse anytime soon, although momentum indicators are building, and some consolidation may be seen this week or next. Near-term support comes in at 108.30. That’s the first, 23.6% retracement of the rise up from August’s lows to the peaks of last week. That should hold unless global markets see a broad shift in risk appetite, but support below it might be shaky all the way back to 106.96. That’s 50% retracement of the overall rise and also the pair’s base from October 9.

The British Pound returned to highs not seen since May against the Japanese Yen as October bowed out as the markets moved to price out the prospect of a no-deal exit from the European Union in view of the new deal agreed between London and Brussels.

Brtish Pound Vs Japanese Yen, Daily Chart

The cross has been perhaps surprisingly stable on its daily chart as November has got under way, despite general election looming in the UK next month. The pound has been confined to a narrow trading band with support around the 139.00 area. This is defended by nearer-term support 139.36 which is where the Pound staged a modest bounce on October 26.

GBP/JPY will remain vulnerable to fundamental news-flow and polling headlines until the election is out of the way, but the markets don’t seem inclined to sell it very far for as long the incumbent government, and its deal, are commanding support.

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