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FX Reversals: USDJPY Price Update

FX Reversals: USDJPY Price Update

Walker England, Forex Trading Instructor

Talking Points

  • USDJPY opens in a 39 pip range
  • R3 resistance is found at 124.07
  • Bearish breakouts begin at 123.48

USDJPY 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)

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The USDJPY is currently range bound this morning, trading inside of a 39 pip range. So far this morning the pair has already bounced from range support. This value is currently found at the S3 Camarila pivot at 123.68. As price is now advancing, Forex traders will bein to monitor range resistance at 124.07. If prices remain below this point, it can open up the opportunity to establish new range based positions.

In the event that the USDJPY moves beyond the R4 pivot at 124.27, traders can begin looking for continued bullish momentum on the USDJPY back in the direction of its primary trend. Conversely, a move through support, below the S4 pivot at 123.48, would signal a larger price reversal on the creation of a new lower low. In either breakout scenario the current established range would be considered nullified, at which point Forex reversal traders can consider new orders in the direction of the markets chosen direction.

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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.

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