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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

(Created using FXCM’s Marketscope 2.0 charts)

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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.

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.

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---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.