Skip to Content
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.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
FX Reversals: NZDJPY Reaches Intraday Resistance

FX Reversals: NZDJPY Reaches Intraday Resistance

Walker England, Forex Trading Instructor

Share:

Talking Points

  • 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.

Are you unfamiliar with camarilla pivots and trading intraday market reversals? Increase your trading education with DailyFX! You can continue learning and work on your trading education HERE.

Then, to practice setting up orders using Camarilla Pivots, register for a FREE Forex demo with FXCM. This way you can develop your scalping techniques while tracking the market in real time.

Click HERE to Register Now

---Written by Walker England, Trading Instructor

To contact Walker, email instructor@dailyfx.com. Follow me on Twitter @WEnglandFX.

To be added to Walker’s e-mail distribution list, CLICK HERE and enter in your email information.

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

DISCLOSURES