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FX Reversals: USDJPY Reversal Range Update

FX Reversals: USDJPY Reversal Range Update

2014-09-22 13:21:00
Walker England, Forex Trading Instructor
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Talking Points

  • USDJPY Opens in Range
  • Trend Traders Await New Breakout Opportunities
  • Bearish Reversal Signaled Under 108.52

GBPUSD 30min Chart

FX Reversals: USDJPY Reversal Range Update

(Created using FXCM’s Marketscope 2.0 charts)

Suggested Reading: Trading Intraday Market Reversals

The USDJPY has opened with traders wondering if the pair can trade towards its 7th weekly high in 7 weeks. In order to do so, the USDJPY will need to break through today’s key values of daily resistance. Currently traders are watching the R4 camarilla pivot at 109.47. If price breaches above this value, it would be a strong signal of continued momentum with the daily trend. Traders can take advantage of a higher high by enacting the trend based strategy of their choosing.

As price has yet to breakout today, there is always a possibility of a continued range bound market or a broader reversal. For a range to develop, price should be contained under the R3 pivot at a price of 109.23. If resistance is tested, reversal traders will again look for price to move to range support found at the S3 pivot at a price of 108.79. The distance between R3 and S3 has created a 44 pip trading range for today. A broader reversal would be signaled under the S4 pivot, in which the USDJPY would be moving towards lower lows. In either scenario the trend would be considered on pause, allowing traders to adjust their strategy accordingly.

FX Reversals: USDJPY Reversal Range Update

Yesterdays Update

On Friday, NZDUSD traders were looking to take advantage of a 54 pip trading range. Price hovered near resistance at the open of the U.S. trading session at a price of .8170. By the conclusion of trading price had traversed the range three times after again moving to support at .8126. To learn more, check out Fridays FX Reversal article linked below.

FX Reversals: NZDUSD Reversal Range

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

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

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