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
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Bullish
Wall Street
Bullish
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
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
More View more
Real Time News
  • Fed Chair Powell: - The public and the world have confidence in the dollar #Fed $USD
  • The RBNZ noted that operational work to enable the OCR to be taken negative if required has now been complete. Get your $NZD market update from @JMcQueenFX here:https://t.co/R1UTWCHdqT https://t.co/2v0yTvBorT
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 2.50% Silver: 0.33% Gold: -0.31% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/eJbD5UV2zK
  • Fed Chair Powell: - We are not acting on forecasts with regards to our policy, only actual data - There is reason for optimism for 2H 2021 if we control the virus #Fed $USD
  • Forex Update: As of 17:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.85% 🇨🇦CAD: 0.45% 🇦🇺AUD: 0.33% 🇪🇺EUR: -0.06% 🇨🇭CHF: -0.25% 🇯🇵JPY: -0.63% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/8HJgkiaCXO
  • Fed Chair Powell - Drawdown in Treasury account at Fed could lower rates $USD
  • Indices Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.81% US 500: 0.62% France 40: 0.05% Germany 30: 0.04% FTSE 100: -0.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Dz2SC5NeTA
  • $WTI Crude Oil is currently trading at a fresh one year high just shy of 63.00 following today's #EIA report. Oil output and total stockpiles slumped last week, driven by the extreme weather in Texas. $OIL $USO https://t.co/BOtkO2QEN7
  • Fed Chair Powell: - Inflation dynamics evolve over time, don't change overnight - Expect higher inflation but not a large, persistent move - Economy still has a great deal of slack - Fed has tools to deal with unwanted higher inflation when necessary #Fed $USD
  • BoE Gov. Bailey: - It would take significant news for us to change the pace of QE purchases. #BoE $GBP
USDJPY Support and Resistance Update

USDJPY Support and Resistance Update

Walker England, Forex Trading Instructor

Talking Points

  • USDJPY Opens in Range
  • R4 breakouts begin at 123.15
  • Range support sits at 122.65

USDJPY 30Minute Chart

USDJPY Support and Resistance Update

(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 failed to breakout to higher highs this morning, while many of the Forex majors are moving on US Dollar strength. . The USDJPY can be considered range bound as long as price remains trading inside the R3 pivot at 122.85. So far, price has stayed below this value in early trading, suggesting prices may attempt to test values of support. Price support for today’s range currently sits at the S3 pivot, at a price of 122.62, which completes today's 24 pip trading range.

In the event that current range bound market conditions conclude, traders may begin looking for a breakout. A move above today’s R4 pivot, found at 123.15, would suggest a new bullish momentum for the pair on the creation of a higher high. Conversely, a move through support and below the S4 pivot at 121.96, would signal a larger price reversal as price attempts to breakout to new monthly lows. In either breakout scenario the range would be considered concluded, at which point reversal traders can consider new orders in the direction of the markets chosen direction.

USDJPY Support and Resistance Update

Are you unfamiliar with camarilla pivots and trading intraday market reversals? Increase your trading education with DailyFX! You can continue learning and work on your trading education HERE.

Then, to practice setting up orders using Camarilla Pivots, register for a FREE Forex demo with FXCM. This way you can develop your scalping techniques while tracking the market in real time.

Previous Market Setups

AUDUSD Morning Breakout

NZDUSD Trades to 2015 Lows

EURUSD Continues Trading in Range

USDollar Retraces to Support

USDJPY Breakout on News

---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