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
Bullish
Wall Street
Bearish
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • UK COVID alert level has moved from level 3 to level 4
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.14% 🇨🇭CHF: -0.56% 🇨🇦CAD: -0.70% 🇬🇧GBP: -0.93% 🇦🇺AUD: -1.14% 🇳🇿NZD: -1.44% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/GIoEwFiMLN
  • The DXY continues to build on a rebound off long-term uptrend support and the Majors are poised for some decent moves this week. Get your #DXY market update from @MBForex here: https://t.co/bjbs0gYT6I https://t.co/0OapScLca9
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: France 40: 0.50% Germany 30: 0.49% FTSE 100: 0.32% US 500: -2.12% Wall Street: -2.95% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/nultu65SC6
  • UK PM Johnson is to announce a 10pm closing time for pubs tomorrow, according to the Sun
  • NI First Minister says local COVID 19 restrictions currently in place will apply to the whole of Northern Ireland from Tuesday
  • Heads Up:🇺🇸 Fed Brainard Speech due at 16:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-09-21
  • Technical Trade Levels: #Dollar, #Euro, #Sterling, #Yen, #Loonie & #Gold - Webinar Archive - https://t.co/4s1mlKp2rr
  • that rebuffing in $GBPUSD last week was Wed-Friday as price action built in an evening star formation. Next big support on my chart ~2644-2674 https://t.co/v7yvMVokmn https://t.co/a4uVJj9rY6
  • oy what a start to the week for cable. $GBPUSD right back down to support. soundly rebuffed at 1.3000 resistance last week https://t.co/3dBodYYIwT https://t.co/KEoi6Vjb04
USDJPY Reaches Resistance

USDJPY Reaches Resistance

2014-10-28 14:39:00
Walker England, Forex Trading Instructor
Share:

Talking Points

  • USDJPY Opens in a 41 Pip Range
  • Range Resistance sits at 108.01
  • Range Reversals Triggered Under 107.39

USDJPY 30Minute Chart

USDJPY Reaches Resistance

(Created using FXCM’s Marketscope 2.0 charts)

Looking for more FX Reversals? Sign up for my email list here: SIGN UP HERE

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.

USDJPY Reaches Resistance

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.

Suggested Reading:

The Pivot Point Cheat Sheet

Trading Intraday Market Reversals

Scalping with Pivot Points

CCI and Camarilla Pivots

---Written by Walker England, Trading Instructor

To Receive Walkers’ analysis directly via email, please SIGN 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