USDJPY Finds Daily Resistance
- USDJPY starts trading in a 59 pip range
- Price is bouncing from support at 124.47
- R4 breakouts begin at 125.35
USDJPY 30Minute Chart
(Created using Trading View charts)
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The USDJPY has moved to a new 2015 high this week, peaking at a price of 125.05. However, price found resistance at this point, under today’s R3 Camarilla pivot at 125.06. After testing resistance the USDJPY quickly descended through today’s 59 pip trading range, back to values of support. The pair is currently being supported by the S3 Camarilla pivot, found at 124.47. It should be noted that prices have already traversed through today's pivot range once, causing traders to look for ranging market conditions to continue unless a breakout scenario develops.
In the event of a breakout, traders will begin looking towards the R4 pivot found at 125.35. Such a move would create a new high for the USDJPY, and suggest a return of momentum back in the direction of the daily trend. Conversely, a move below the S4 pivot at 124.18 would suggest a bearish reversal counter to the markets primary direction. In either scenario, a breakout would signal an end to the present range bound market and traders can begin to adjust their strategies accordingly.
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---Written by Walker England, Trading Instructor
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