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. See our updated Privacy Policy here.

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
Subscribe
Please try again
More View more
USDJPY Attempts Breakout on News

USDJPY Attempts Breakout on News

Walker England, Forex Trading Instructor

Talking Points

  • The USDJPY attempts to breakout on news
  • Today’s R4 pivot sits at 1200.43
  • A move below 119.52 would suggest a bearish reversal

USDJPY 30Minute Chart

USDJPY Attempts Breakout on News

(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 attempted to breakout through key values of resistance this morning on better than expected US housing data. Price has already moved through today’s range resistance, found at the R3 camarilla pivot at a price of 112.20, and now sits right below its R4 pivot at 120.43. A move above this value would be seen as a bullish breakout, and open the possibility of higher highs for the pair.

Alternatively, in the event that prices return back inside of today’s 45 pip range it would be considered a reversal of this morning’s attempted breakout. A decline back below the R3 pivot would suggest a return to range bound conditions and open the USDJPY to potential moves towards values of support. These points include range support found at the S3 pivot at a price of 119.75, as well as the S4 pivot at 119.52. A reversal below this point could suggest the beginning of a larger bearish decline on the creation of a new lower low.

USDJPY Attempts Breakout on News

Then, to practice setting up orders using Camarilla Pivots, register for a FREE Forex demo with FXCM. This way you can develop your day trading techniques while tracking the market in real time.

Click HERE to Register Now

---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.

Video Lessons || Free Forex Training

Trading Using Fibonacci (13:08)

Reading the RSI, Relative Strength Index (13:57)

Money Management Principles (31:44)

Trade Like a Professional Workshop (1:44:14)

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES