FX Reversals: USDJPY Resistance Update
- USDJPY reaches key daily range resistance
- Range targets sit at s3, pivot support
- A move above r4 would signal a reversal of market conditions
USDJPY 30min Chart
(Created using FXCM’s Marketscope 2.0 charts)
In overnight trading the USDJPY has remained range bound respecting key values of support and resistance. In the absence of a morning breakout, range traders will look to take advantage of prices continuing to reverse between these values. Currently range resistance is found at 101.76. With price below this value, range traders can consider new sell entries in the event of an early morning price reversal. Range support currently stands at the S3 camarilla pivot and can create potential range targets near 101.59.
Range traders should be cautioned of a breakout above the R4 camarilla pivot point. A move beyond 101.85 would signal a short term move towards higher highs, and denote an end of ranging market conditions. At this point, range trading should be concluded and traders can consider entries with the markets new influenced direction.
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---Written by Walker England, Trading Instructor
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.