FX Reversals: CADJPY Breakout
- CADJPY Breaks Above R4 Pivot
- R3 Resistance Sits at 96.36
- Market Reversals Signaled Under 95.91
CADJPY 30min Chart
(Created using FXCM’s Marketscope 2.0 charts)
Even with the Euro (EUR) and Pound Sterling (GBP) stealing the spotlight this morning, many Yen (JPY) pairs are also on the move. Currently the Canadian Dollar (CAD) is showing strength against the JPY, with the CADJPY pair breaking to higher highs this morning. This is displayed above, with the CADJPY trading well above its R4 camarilla pivot at 96.51. Knowing this, trend and momentum traders can look to take advantage of this directional move and look to find opportunities to buy the CADJPY on continued momentum.
In the event that price falls back inside of the pivot range, this would represent a false breakout for the pair. This would invalidate the markets current upward trajectory, and could signal the beginning of a new price reversals. Currently the CADJPY range measures 30 pips, and is found between R3 resistance at 96.36 and S3 support at 96.06.
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---Written by Walker England, Trading Instructor
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