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
EUR/USD
Bullish
Oil - US Crude
Bullish
Wall Street
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
Gold
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
GBP/USD
Bullish
USD/JPY
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
More View more
Real Time News
  • Traders tend to overcomplicate things when they’re starting out in the forex market. This fact is unfortunate but undeniably true.Simplify your trading strategy with these four indicators here:https://t.co/A4dqGMPylo https://t.co/xqbUxwWgTZ
  • An economic calendar is a resource that allows traders to learn about important economic information scheduled to be released. Stay up to date on the most important global economic data here: https://t.co/JdvW6HNuqV https://t.co/Gi8LHCT5sB
  • The AB=CD pattern is simple once you know how to spot it and draw the proper Fibonacci retracements. Make your trading strategy as simple as ABCD here: https://t.co/AKmlmaAZBS https://t.co/FFmRYyx4ou
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here: https://t.co/aVAzFypAg1 https://t.co/r7aJb4qpqc
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here: https://t.co/ERyiY47G5H https://t.co/fIGDaDW21V
  • ...even more incredible is net speculative futures positioning in $EURUSD, rounding off from a record net long position...and it hasn't even cleared 1.20... https://t.co/SfyYTMTT1x
  • Net speculative futures positioning in the Dollar (here overlaid with the $DXY) has pushed to extreme levels commensurate to the levels in Oct 2017 and April 2018 https://t.co/JqHGgVUCqc
  • The $SPX closed below the 50-day moving average Friday. The first time it has done so in 103 trading days. The 'technical' end of an exceptional run: https://t.co/HUn5Q6JmlK
  • Despite recent weakness in the #SP500, the growth-linked New Zealand Dollar has been gaining momentum ahead of the #RBNZ next week Could this trend continue, or will $NZDUSD capitulate to the mercy of risk trends? Check out my fundamental outlook - https://www.dailyfx.com/forex/fundamental/forecast/weekly/nzd/2020/09/19/New-Zealand-Dollar-Outlook-NZDUSD-May-Rise-on-RBNZ-Watch-SP-500.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/34vcR4fjpT
  • RT @FxWestwater: #Copper rose to a fresh multi-year high as Chinese demand and supply-side issues continue to support price action amid a l…
Japanese Yen Regains Momentum Against USD, But Range Holds

Japanese Yen Regains Momentum Against USD, But Range Holds

2020-05-04 01:21:00
David Cottle, Analyst
Share:

Japanese Yen Technical Analysis Talking Points:

  • USDJPY remains rangebound but has slipped
  • The direction of any durable range break could be instructive
  • AUD/JPY looks more obviously bullish

The Japanese Yen remains confined to a well-established trading range against the US Dollar but seems to be gaining the upper hand within it.

US Dollar Vs Japanese Yen, Daily Chart

That range comes in between the 38.2% and 50% Fibonacci retracements of the March rise (107.69 and 105.35, respectively. It’s been an important source of support for the pair since March 27 and USD/JPY hasn’t traded below it since March 13.

That said the downtrend broken in the last week seems to have re-established itself and that may keep near-term focus on the lower boundary of the range. A break of that on a daily or weekly closing basis might well be bearish for the Dollar and put renewed focus on the March lows below 103.

However Dollar bulls are likely to make a fight of defending the range, hoping that they can break the downtrend once again.

It’s notable though that daily ranges are extremely narrow and that this market looks rather undecided as a result. The fate of this important range looks likely to be an important directional clue for the near-term nevertheless.

Bear in mind too, that the broader downtrend from February 20 remains very much in place and comes in well above the market at 111.15.

The Yen may be looking better bid against the US Dollar but its bulls may be given pause by the more upbeat performance of AUD/JPY.

Australian Dollar Vs Japanese Yen, Daily Chart

That cross remains well within its respected uptrend channel, with the pro-cyclical Australian Dollar clearly very much in the ascendant against the anti-risk Yen.

The rise seems to have faltered ahead of a narrow range supplied by the trading levels of February 28-March 6 and that now acts as key near-term resistance. Channel support comes in at 66.43 but that is some way below the market. Closer to hand the 67.76 area may provide a prop, having last stymied Aussie bears on a daily closing basis between April 15 and 22.

USD/JPY BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 9% -6% 5%
Weekly 82% -22% 33%
What does it mean for price action?
Get My Guide

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