GBPJPY Price Reversal Update
- GBPJPY opens in a 140 Pip Range
- Range Resistance Sits at 170.91
- Range Reversals Triggered Under 168.80
GBPJPY 1Hour Chart
(Created using FXCM’s Marketscope 2.0 charts)
New to FX Reversals? Suggested Reading: Trading Intraday Market Reversals
The market is buzzing this morning with a slew of bad U.S and U.K economic releases. This has caused pairs such as the GBPJPY to increase in volatility. As of the printing of this article, the pair is still trading inside of its daily 140 pip trading range, testing both range support and resistance. Currently price is trading off of range support found at the S3 Camarilla Pivot a price of 169.51. The current range then can be completed by identifying the R3 pivot at a price of 170.91.
As long as price respects support and resistance, traders can look for reversal opportunities inside of the identified range. However, if a breakout occurs traders will then begin looking for a resumption of the pair’s daily trend under the S4 Camarilla pivot at price of 168.80. A move above R4 resistance at 171.62 would also suggest a shift in market momentum. In either of these instances, traders should look to conclude any range bound positioning and look to trade with the markets new direction.
---Written by Walker England, Trading Instructor
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