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
Bearish
Oil - US Crude
Mixed
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
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
More View more
Real Time News
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.30% 🇨🇭CHF: -0.41% 🇬🇧GBP: -0.62% 🇨🇦CAD: -1.12% 🇳🇿NZD: -1.87% 🇦🇺AUD: -2.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ZdHY0q1ocW
  • #Gold Price Forecast: Gold Breakdown Accelerates – $XAUUSD Bulls Done? - https://t.co/uATlmZg8g6 https://t.co/vIbhg5HOko
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.20% Gold: -2.10% Silver: -2.97% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/UVS4Dowq2o
  • Nasdaq ETF QQQ sees its largest outflow in a month as investors shied away from tech stocks. Get your #Nasdaq market update here:https://t.co/tQU09WVHMD https://t.co/onCVQl0xay
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.13%, while traders in GBP/JPY are at opposite extremes with 67.63%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/PYZh1az5EC
  • Crude extends yesterday's losses, falls by nearly 3% $WTI $USD https://t.co/oflSuTFd5E
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.31% Germany 30: 0.25% France 40: 0.21% US 500: 0.02% Wall Street: 0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/TWSDaLD0Ot
  • This is the $AUDUSD biggest bearish day since March 18th and on the cusp of the 100-day moving average / trendline support combination. Medium-term correlation with the $SPX is strong, so will the correlation break or is one leg going to capitulate? https://t.co/TR3P0qytAe
  • NZD/USD selling off, now extending losses towards 0.723 $NZDUSD https://t.co/vucOu1YKPB
  • Indian #Rupee tanked in worst week in almost a year Besides risk aversion & rising US Treasury yields, India lowered its fiscal-21 GDP estimate to -8.0% y/y (lower than the -7.0% consensus) Multiple levels taken out, but not 200-day SMA May see unwinding of #RBI rate hike bets https://t.co/WAVPChEiEB
Japanese Yen Hits Trendline Resistance. Focus Moves to Earnings, Trade

Japanese Yen Hits Trendline Resistance. Focus Moves to Earnings, Trade

David Cottle, Analyst

Japanese Yen Technical Analysis Talking Points:

  • The Yen market is overwhelmingly driven by fundamentals now
  • However, the Dollar’s bounce has yet to break back above its former uptrend
  • Support for USDJPY looks very firm though
How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading
Recommended by David Cottle
Improve your trading with IG Client Sentiment Data
Get My Guide

The Japanese Yen wilted last week as the markets moved to price out the prospect of military escalation between the United States and Iran.

Clearly the fundamentals are driving this market now, with investors taking back from the Yen what they gave it in the immediate aftermath of the lethal US airstrike on key Iranian General Qassim Soleimani. With perceived haven assets like the Japanese currency now in less-urgent demand the global market overall is looking with hope to both the looming US corporate earnings season and this week’s scheduled signing of a phase one trade deal between Washington and Beijing.

However, technically speaking it is notable that the USDJPY uptrend line from late August, so conclusively shattered by December 30’s Iran-related plunge, still seems to be forming resistance to the subsequent recovery.

US Dollar Vs Japanese Yen, Daily Chart

That line continues to cap the market on a daily closing basis but is very close at hand and seems unlikely to do so if risk appetite revives further. A break above it will see May 21, 2019’s high of 110.67 back in bullish focus, where it will remain for as long as that uptrend can hold. However, there seems no great rush to get the pair back up there and this week’s risk events could be crucial to its chances.

Support looks firm in a broad band some way below the market between the first and second Fibonacci retracements of the rise up from August’s lows to the peaks of early December.

Meanwhile the New Zealand Dollar has arguably weathered last week’s risk-off storm better than did its US big brother. NZDJPY’s uptrend channel has remained clearly unbroken, with the cross now attempting to break out of the trading range established within it.

New Zealand Dollar Vs Japanese Yen, Daily Chart

December’s top of 73.50 is an eight-month peak, but it’s also one that didn’t hold for long when it was made. The market quickly traded back into range. A repeat performance is something to be on watch for as the market climbs back toward that figure.

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

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!

https://www.dailyfx.com/free_guide-tg.html?ref-author=Cottle.

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

DISCLOSURES