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FX Reversals: USDJPY Breakout Update

FX Reversals: USDJPY Breakout Update

2014-07-31 14:25:00
Walker England, Forex Trading Instructor
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Talking Points

  • USDJPY Breaks to Monthly High
  • Range Resistance Sits at 103.07
  • Price Above R4 Signals a Fresh Price Break

USDJPY 30min Chart

FX Reversals: USDJPY Breakout Update

(Created using FXCM’s Marketscope 2.0 charts)

After yesterday’s FOMC, the USDJPY was trading at monthly highs on USDollar strength. However, overnight trading brought the pair back into a predefined trading range. Currently range resistance can be identified between the R3 camarilla pivot at 103.10 and support at S3 near 102.50. This creates a 60 pip trading range which traders can monitor for future reversal positioning. With price in between both support and resistance, traders can wait before deciding a directional bias in their trading.

A breakout should also always be in consideration, as price has broken to new highs in two of the previous three daily trading sessions. Utilizing camarilla pivots, a breakout would be identified by price moving above either the R4 resistance pivot or back below S4 support pivot. Currently the R4 camarilla pivot sits at 103.35. A price advance over this value would signal a breakout and a continuation of the trend towards high highs. At that point, traders should consider concluding any range reversal trades, while considering entries with the markets new influenced direction.

FX Reversals: USDJPY Breakout Update

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---Written by Walker England, Trading Instructor

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

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