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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Mixed
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • It took some time for USD/MXN to respond to weakness in equity markets, but this week it came to life as U.S. weakness spread across global markets. Get your $USDMXN technical analysis from @PaulRobinsonFX here:https://t.co/G8b6w1wCzH https://t.co/zEtpARMkMg
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.38%, while traders in EUR/GBP are at opposite extremes with 65.20%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/WGk95Bnjx5
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Gold: -0.45% Oil - US Crude: -0.63% Silver: -1.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/RvLy6xA9Is
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: -0.06% 🇯🇵JPY: -0.15% 🇬🇧GBP: -0.22% 🇨🇦CAD: -0.32% 🇦🇺AUD: -0.38% 🇪🇺EUR: -0.43% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/MZIiNOFxXu
  • Hey traders! Wrap up your week with a market update from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/DHufbBKbDu
  • Canadian PM Trudeau says Canada purchasing 20 million vaccine doses from Astrazeneca -BBG
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: US 500: 0.26% France 40: 0.03% Wall Street: 0.02% FTSE 100: -0.06% Germany 30: -0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/jByk8LUAt6
  • UK Government Official says either outcome is possible on Brexit
  • UK Government Official says if gaps in fisheries and level playing field are bridged, the EU's more constructive attitude will need to be translated into more realistic positions in the days to come
  • Big headline that says the EU has informed the UK that it must commit to some key demands in next week's trade talks if there is progress before the October deadlines. That said, I don't think this is a particularly new refrain between those two. It's the clock that matters
EURJPY Trading Range Reversal

EURJPY Trading Range Reversal

2014-10-13 14:00:00
Walker England, Forex Trading Instructor
Share:

Talking Points

  • EURJPY opens in a 68 Pip Range
  • Range Resistance Sits at 136.26
  • Range Reversals Triggered Under 135.25

EURJPY 30min Chart

EURJPY Trading Range Reversal

(Created using FXCM’s Marketscope 2.0 charts)

New to FX Reversals? Suggested Reading: Trading Intraday Market Reversals

The EURJPY has opened trading this week with price moving inside of an established 68 pip range. As of today’s U.S. open price has traded through the range once, testing both key values of support and resistance. Today’s range support at the S3 Camarilla Pivot is depicted above, and can be found at a price of 135.58. R3 resistance can also be seen at a price of 136.26. Knowing this, reversal traders can continue to initiate new positions in the range as long as these values remain valid.

A change in market conditions, could lead to the conclusion of the current range and raise the potential of a market breakout. If the EURJPY trades below the S4 Camarilla Pivot at 135.25, this would signal a shift towards Yen strength and a continuation of the pair’s daily trend. Conversely, a rise in price above the R4 pivot at 136.60 would create a bullish reversal scenario, with prices trading towards higher highs. If price does breakout, current range bound market conditions would be considered concluded and traders could then begin positioning with the markets new directional bias.

EURJPY Trading Range Reversal

Yesterdays Update

Friday’s reversal article focused on the USDJPY which was also opening the morning near its R3 resistance pivot. After the conclusion of trading, the pair had traversed its range four times! To get a recap of Friday’s action, check out the FX Reversal article linked below

FX Reversals: USDJPY 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.

Click HERE to Register Now

---Written by Walker England, Trading Instructor

To Receive Walkers’ analysis directly via email, pleaseSIGN UP HERE

To contact Walker, email instructor@dailyfx.com.

Contact and Follow Walker on Twitter @WEnglandFX.

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

DISCLOSURES