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 GBPJPY Begins Week at Highs

FX Reversals GBPJPY Begins Week at Highs

Walker England, Forex Trading Instructor

Share:

Talking Points

  • GBPJPY Starts Week Breaking to Highs
  • R4 Resistance Sits at 171.36
  • Range Resistance Begins at 171.08

GBPJPY 30min Chart

(Created using FXCM’s Marketscope 2.0 charts)

The GBPJPY has started the trading week breaking above todays R4 camarilla pivot at 171.36. This movement towards high highs is at odds with last week’s trend with the majority of GBP crosses closing near weekly lows. Intraday momentum traders can take advantage of this directional reversal and continue to look for areas to buy the GBPJPY in the event prices progress towards higher highs.

In the event that upward momentum subsides, traders should look for a false breakout back in the direction of the prevailing trend. A move back below R3 resistance would signal and end of today’s breakout and suggest a return towards key values of support. Currently the USDJPY range measures 56 pips, with the R3 camarilla pivot at 171.08 and S3 range support found at 170.52. If price enters into the day’s trading range, traders should consider concluding breakout positions and look to trade in the markets new direction. A move below the S4 support line at 170.24, would open up the possibility of another breakout back in the direction of last week’s trend.

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.

Previous Market Setups:

FX Reversals: USDCAD Morning Breakout Update

FX Reversals: USDCAD Tests Support

FX Reversals: EURGBP Breaks Final Support

FX Reversals: EURUSD Morning Reversal Update

FX Reversals: AUDUSD Trading Range Update

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

DISCLOSURES