USDJPY Reaches Resistance
- USDJPY Opens in a 41 Pip Range
- Range Resistance sits at 108.01
- Range Reversals Triggered Under 107.39
USDJPY 30Minute Chart
(Created using FXCM’s Marketscope 2.0 charts)
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The USDJPY has failed to breakout to higher highs, as many other Yen pairs have done this morning. The USDJPY can be considered range bound as long as price remains under the R4 pivot at 108.21. In the event price moves back below Range Resistance at 108.01, traders can again begin looking for reversals towards support. Price support currently sits at the S3 pivot at a price of 107.60 which completes todays 41 pip trading range.
In the event that the R4 pivot does break, traders can begin looking for continued bullish momentum on the USDJPY back in the direction of last week’s trend. Conversely, a move through support and below the S4 pivot at 107.39, would signal a larger price reversal on the creation of a new lower low. In either breakout scenario the range would be considered concluded, at which point reversal traders can consider new orders in the direction of the breakout.
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.