FX Reversals: NZDJPY Reaches Intraday Resistance
- NZDJPY rallies overnight to key daily range resistance
- Range targets sit at S3, pivot support
- A move above R4 would signal a breakout on a higher high
NZDJPY 30min Chart
(Created using FXCM’s Marketscope 2.0 charts)
The NZDJPY has stayed in a clear trading range despite rallying into overnight trading. With price failing to break out over R4 pivot resistance, range traders will look to take advantage of prices continuing to reverse back into the defined trading range pictured above. Currently range resistance is found at 87.92 as marked by the R3 pivot point. 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 which can act as potential range targets near 87.32.
Range traders should be cautioned of a breakout above the R4 camarilla pivot point. A move beyond R4 resistance at 88.19 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. Likewise, a break below S4 support at 87.10 would signal a move towards lower lows in line with the NZDJPYs current downtrend.
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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.