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. See our updated Privacy Policy here.



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
Please try again
More View more
Real Time News
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency:
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency:
  • Global stocks bounce back from recent pullback as key resistance levels lie ahead. Get your weekly equities forecast from @HathornSabin here:
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here:
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here:
  • Bitcoin (BTC) started the day on the front foot on the Twitter news before the latest China crypto ban hammered the market lower. Get your weekly crypto forecast from @nickcawley1 here:
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here:
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here:
  • The US Dollar continues to push higher against ASEAN currencies after the FOMC rate decision. This leaves the USD/SGD, USD/THB, USD/PHP and USD/IDR outlook mostly tilted higher. Get your market update from @ddubrovskyFX here:
  • The US Dollar seems to be back on the offensive against its major counterparts, pressuring EUR/USD and NZD/USD lower as USD/JPY consolidates. USD/CHF surges past key resistance. Get your market update from @ddubrovskyFX here:
Japanese Yen Beating US Dollar In Coronavirus Haven Battle

Japanese Yen Beating US Dollar In Coronavirus Haven Battle

David Cottle, Analyst

Japanese Yen Technical Analysis Talking Points:

  • USD/JPY has bounced from this month’s lows but remains under longer term pressure
  • The pair’s secular downtrend is still very much in place
  • AUD/JPY meanwhile eyes its 2008 financial crisis lows

The Japanese Yen and the US Dollar have both seen considerable haven bids as the coronavirus’ spread has floored risker financial market bets worldwide. However, in the ‘haven battle’ between the currencies, the Japanese unit seems to be winning.

Admittedly USD/JPY managed to bounce this month from the viral-crisis lows which saw it reach depths not previously seen since late 2016 on March 10.

US Dollar Vs Japanese Yen, Daily Chart

However, that bounce has yet to seriously approach the previously dominant uptrend channel broken so conclusively in the sharp falls from late February’s highs. The volatile nature of current markets makes prediction extremely difficult, but the market likely faces a considerable near-term resistance point at the 108.58 level. That was where the last modest upward foray petered out on March 2 and near-term failure to regain that mark will probably signal another leg lower, with March 10’s closing high of 105.01 probably offering support.

Near-term volatility aside, however, the pair’s longer downtrend remains very much in place.

US Dollar Vs Japanese Yen, Monthly Chart

The long monthly chart downward channel on from June 2015 remains dominant and is in any case only an extension and acceleration of the move lower evident since July 1998.

This month’s action has already seen prices probe below the more recent uptrend line from mid-2016 and an eventual close below that this month could be telling.

The Australian Dollar meanwhile lies at the opposite end of the risk spectrum, being the major traded currency perhaps most correlated to global growth prospects. With Australian monetary policy expected to loosen further in the face of the virus’ effects, it should be no surprise that the Japanese Yen’s permanently loose monetary settings are starting to appear less of a handicap.

AUD/JPY is duly back to lows not seen since the world began to edge out from under the financial crisis cloud back in March 2009.

Australian Dollar Vs Japanese Yen, Monthly Chart

A sustained bid for the Aussie looks highly unlikely for as long as viral headlines command the news cycle, with further falls toward the financial crisis lows of 55.20 possible. That lower bound support barrier may be considerable, however, as it also held firm on its last test.

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.