USDJPY Breakout on News
- The USDJPY breaks from resistance on news
- R4 resistance is found at 123.82
- Today’s range begins at 123.57
USDollar 30Minute Chart
(Created using Trading View Charts: Click on the chart below to zoom in; after zooming in, press the play button towards the right to set the market in motion)
Looking for more FX Reversals? Sign up for my email list here: SIGN UP HERE
The USDJPY has opened today’s US trading session, breaking higher on USD Durable Goods Orders for the month of May. Even though the release came in worse than expected the USDJPY still rallied and pushed beyond its R4 daily Camarilla pivot at 123.82. If price continues its advance from this point, it would be just the second daily close higher for the pair in the last three trading sessions. If current bullish momentum for the USDJPY continues, trend traders can look to initiate new orders using this directional bias.
Alternatively, in the event of price returning back inside of today’s trading range, this morning’s breakout would be invalidated and labeled a false breakout. Today’s trading range begins at the R3 pivot point found at 123.57 and ends at the S3 pivot at 123.13. If price trades inside of this range, it would be considered a significant reversal of present market conditions. A decline to support would also open the pair up for a further reversal on a breakout of the S4 pivot at 122.87.
Using Camarilla pivots is just one way to approach day trading. To help you get started in your trading pursuit, DailyFX hosts a variety of day trading webinars. To learn more and register for future events, see the webinar calendar listed HERE.
Previous Market Setups
---Written by Walker England, Trading Instructor
To Receive Walkers’ analysis directly via email, pleaseSIGN UP HERE
To contact Walker, email email@example.com.
Contact and Follow Walker on Twitter @WEnglandFX.
Video Lessons || Free Forex Training
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.