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EURJPY Fails to Breakout Higher

EURJPY Fails to Breakout Higher

Walker England, Forex Trading Instructor

Talking Points

  • The EURJPY opens on a false breakout
  • Today’s range starts at 140.11
  • S3 support is found at 138.87

EURJPY 30Minute Chart

EURJPY Fails to Breakout Higher

(Created using TradingView Charts, click the graph to learn more)

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The EURJPY opened aggressively higher this morning, with price attempting to breakout above today’s R4 Camarilla pivot at 140.54. Price was quickly rejected at resistance however, and the EURJPY turned back inside of its trading range starting at the R3 pivot at 140.11. It should be noted that today’s range spans 82 pips, with price currently trading near the S3 pivot at 139.29. If price remains supported at this value, traders will look for range bound market conditions to continue

In the event that the EURJPY continues to decline, traders will begin looking for a breakout below the S4 pivot found at 138.87. A move to this point would be significant, opening up the possibility of price closing lower for the second time in nine trading sessions. Alternatively, a bounce off of support would suggest a reversal back in the direction of the current daily trend. A move beyond todays R4 pivot at 140.60 would be considered a bullish breakout for the EURJPY, and would leave the market with further bullish expectations going into this weeks close.

EURJPY Fails to Breakout Higher

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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.