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
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Mixed
Gold
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Mixed
More View more
Real Time News
  • Heads Up:💶 ECB Guindos Speech due at 10:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-10-21
  • Central banks often deem it necessary to intervene in the foreign exchange market to protect the value of their national currency. Learn how central bank intervention can impact your trading here: https://t.co/ZJOEtpGUIq https://t.co/BQKfQzpi6l
  • Worth going along to this...@ShaunMurison_IG knows his stuff!! https://t.co/FH5vEXVLrk
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here: https://t.co/aVAzFypAg1 https://t.co/o7vhN7kh5c
  • #Bitcoin breaking towards the August high as RSI surges into overbought territory for the first time since August A push to test the 2019 high (13764) could be on the cards if price can breach the 12,500 mark #BTC https://t.co/ANMEn7O5kg https://t.co/g1hTFENvW4
  • EU's Barnier says it is possible to find a compromise on level playing field, adds that an agreement is within reach $GBP
  • EU's Barnier says it takes two to reach a deal $GBP
  • EU's Barnier says a deal is within reach if both sides are willing to compromise $GBP
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.76%, while traders in EUR/USD are at opposite extremes with 70.87%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/5ceG7kdQ3s
  • The AB=CD pattern is simple once you know how to spot it and draw the proper Fibonacci retracements. Make your trading strategy as simple as ABCD here: https://t.co/AKmlmaAZBS https://t.co/AyM4cSDXtC
USDJPY Finds Daily Resistance

USDJPY Finds Daily Resistance

2015-06-02 13:03:00
Walker England, Forex Trading Instructor
Share:

Talking Points

  • 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

USDJPY Finds Daily Resistance

(Created using Trading View charts)

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

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.

USDJPY Finds Daily Resistance

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