USDJPY Support and Resistance Update
- USDJPY Opens in 69 Pip Range
- Range Support Sits at 107.92
- Range Reversals Triggered Under 107.58
USDJPY 30Minute Chart
(Created using FXCM’s Marketscope 2.0 charts)
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The USDJPY has opened the U.S. trading session testing support, at the bottom of its daily trading range. Currently support is found at a price of 107.92, which can be seen above at the S3 pivot. Today’s range spans 69 pips, and is completed by the R3 resistance pivot found at a price of 108.61. If price stays supported, traders may begin looking for opportunities to trade the range or take retracement entries in the direction of this week’s trend.
In the event that support falls, traders will begin looking for a breakout under the S4 Camarilla Pivot. At this point, traders would begin to look for a reversal of momentum on continued Yen strength. Conversely, a price break above R4 for the USDJPY would signal a continuation of this week’s trend. So far the pair has advanced as much as 210 pips higher through today’s trading. In either breakout scenario, todays range would be considered invalidated and traders can then begin to initiate new positions based off of the markets chosen direction.
Are you new to trading with pivot points? To become more familiar with Camarill Pivots and how to use them for day trading FX Reversals, check out the suggested reading links below. This way you can continue your trading education, while working towards actively incorporating pivot points into your selected day trading strategy.
---Written by Walker England, Trading Instructor
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.