USDJPY Moves on Daily Values of Support
- The USDJPY opens in a 39 pip range
- Price bounced from the S3 pivot at 118.85
- A break above 119.39 would signal a bullish reversal
USDJPY 30Minute Chart
(Created using FXCM’s Marketscope 2.0 charts)
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The USDJPY has opened Tuesday’s trading range bound, traveling between its R3 and S3 Camarilla pivots. So far, price has traversed its 39 pip trading range once, and has recently bounced from its S3 pivot in early morning trading. Currently, range support is found at the S3 pivot found at 118.85. In the event that price remains range bound, traders will watch for an advance in price back towards values of resistance starting with the R3 Camarilla pivot found at 119.24.
In the event of a price breakout, it would signal a significant shift from the present range bound market conditions.A move below the S4 pivot at 118.67, opens the possibility for the USDJPY to challenge April’s current monthly low which stands at 118.53. Likewise, a breakout above the R4 pivot would leave traders to look for a reversal back to higher highs above 119.39
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---Written by Walker England, Trading Instructor
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