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
Mixed
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Bearish
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
More View more
Real Time News
  • The US Dollar is testing key support levels against the Singapore Dollar, Malaysian Ringgit, Philippine Peso and Indonesian Rupiah following persistent losses. Get your #ASEAN currencies market update from @ddubrovskyFX here: https://t.co/qqYDELqydd https://t.co/WPUL1SO8Fv
  • - #USDollar may catch a haven bid as the US and China lock horns over technology - #TrumpExecutiveOrders may encounter congressional friction, spark dash to cash - #bidenvppick announcement could fail to stir markets unless the choice is unexpected https://www.dailyfx.com/forex/fundamental/article/special_report/2020/08/10/US-Dollar-Comeback-Ahead-US-China-Tensions-Push-Havens-Higher.html
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.01%, while traders in US 500 are at opposite extremes with 77.49%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/AB97lqEJQB
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.18% 🇳🇿NZD: 0.13% 🇯🇵JPY: 0.12% 🇪🇺EUR: 0.08% 🇨🇦CAD: 0.05% 🇨🇭CHF: -0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ThG7IBzIKu
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.67% France 40: 0.66% Germany 30: 0.60% Wall Street: 0.23% US 500: 0.14% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/2l1TvwiW5l
  • The Indian Rupee struggled to benefit from an unexpected RBI rate hold as the Nifty 50 inched closer to invalidating a bearish reversal signal. What is the road ahead for USD/INR? Find out from @ddubrovskyFX here:https://t.co/Zjiay6hQWT https://t.co/IdM8hb6pI1
  • Join @ZabelinDimitri 's #webinar at 11:30 PM ET/3:30 AM GMT to find out how geopolitical risk will affect the markets in the week ahead. Register here: https://t.co/hsULxMNOtM https://t.co/TJbPf8arC3
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.26% Gold: -0.27% Silver: -1.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/4Ap99p4ATh
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.18% 🇬🇧GBP: 0.16% 🇯🇵JPY: 0.14% 🇪🇺EUR: 0.09% 🇨🇦CAD: 0.08% 🇨🇭CHF: -0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/5NRt7MMbs6
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.84%, while traders in US 500 are at opposite extremes with 78.33%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/NedpyrXTeR
Japanese Yen Price Outlook: USD/JPY Rebound Could be Short Lived

Japanese Yen Price Outlook: USD/JPY Rebound Could be Short Lived

2020-06-24 18:30:00
Michael Boutros, Strategist
Share:

Japanese Yen Technical Price Outlook: DXY Weekly Trade Levels

  • Japanese Yen technical trade levels update – Weekly Chart
  • USD/JPY sell-off responds to technical support at 106.31
  • Broader risk remains for a deeper correction while below yearly open resistance

The Japanese Yen is poised to snap a two week winning streak against the US Dollar with USD/JPY virtually unchanged on Wednesday after rebounding off technical support. While the threat of a broader decline remains, the immediate sell-off may be vulnerable here and a near-term recovery may offer more favorable opportunities. These are the updated targets and invalidation levels that matter on the USD/JPY weekly price chart. Review my latest Strategy Webinar for an in-depth breakdown of this Yen trade setup and more.

Starts in:
Live now:
Aug 10
( 12:08 GMT )
Live Weekly Strategy Webinars on Mondays at 12:30GMT
Weekly Scalping Webinar
Register for webinar
Join now
Webinar has ended

Japanese Yen Price Chart – USD/JPY Weekly

Japanese Yen Price Chart - USD/JPY Weekly - Dollar vs Yen Trade Outlook - Technical Forecast

Chart Prepared by Michael Boutros, Technical Strategist; USD/JPY on Tradingview

Notes: In last month’s Japanese Yen Weekly Price Outlook we highlighted critical resistance, “at the 61.8% retracement of the late-March decline / 2019 open at 109.53/68 – look for a larger reaction there for guidance.” The Dollar ripped higher into the open of June trade with a rally of more than 2% failing to close above this key threshold (intraday high registered at 109.85). Price turned sharply lower with the decline now testing the 61.8% extension of the March decline at 106.3- a weekly close below this threshodl is needed to keep the immediate short-bias viable in the days ahead.

Weekly resistance now stands at the 61.8% retracement of the monthly range / 2020 yearly open at 108.40/62 backed by 109.53/68- a close above this threshold is needed to shift the broader focus back to the long-side. A break lower from here exposes subsequent support objectives at 105.20 backed by the 2018 low at 104.62 and the 100% extension at 104.12.

JPY Forecast
JPY Forecast
Recommended by Michael Boutros
Download our Japanese Yen Trading Forecast!
Get My Guide

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Bottom line:The Japanese Yen has covered the last two-month’s range in just the past few three weeks and the focus is on this support zone near the May lows in USD/JPY. From a trading standpoint, a good region to reduce short-exposure / lower protective stops – look for topside exhaustion ahead of yearly open resistance at 108.62 on recoveries IF price is indeed heading lower with a break below exposing key Fibonacci support. Review my latest Japanese Yen Price Outlook for a closer look at the near-term USD/JPY technical trade levels.

Japanese Yen Trader Sentiment – USD/JPY Price Chart

Japanese Yen Trader Sentiment - USD/JPY Price Chart - Dollar vs Yen Trade Outlook - Technical Forecast
  • A summary of IG Client Sentiment shows traders are net-long USD/JPY - the ratio stands at +1.54 (60.71% of traders are long) – bearish reading
  • Long positions are1.52% lower than yesterday and 10.07% higher from last week
  • Short positions are 14.74% higher than yesterday and 1.68% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests USD/JPY prices may continue to fall. Traders are less net-long than yesterday but more net-long from last week. The combination of current positioning and recent changes gives us a further mixed USD/JPY trading bias from a sentiment standpoint.
USD/JPY BULLISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 0% 3% 1%
Weekly 11% 37% 19%
Learn how shifts in USD/JPY retail positioning impact trend
Get My Guide

---

Previous Weekly Technical Charts

Forex for Beginners
Forex for Beginners
Recommended by Michael Boutros
New to Forex Trading? Get started with this Beginners Guide
Get My Guide

--- Written by Michael Boutros, Technical Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex

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

DISCLOSURES

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.