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FX Reversals: USDJPY Attempts Breakout

FX Reversals: USDJPY Attempts Breakout

Walker England, Forex Trading Instructor

Talking Points

  • USDJPY attempts to breakout over 123.69
  • Range reversals begin at 123.46
  • Range support starts at 123.02

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 has attempted to breakout this morning, with price currently trading above key values of resistance. Today’s breakout begins above resistance which is found at the R4 Camarilla pivot point, at a price of 123.69.If price remains above resistance, this would be just the first bullish breakout in the last five trading sessions. As prices move towards higher highs, this would suggest that the pair is potentially reversing from its previous short term downtrend and moving back in the direction of its daily uptrend.

In the event of a false breakout, traders will look for prices to dip back below today’s range resistance value found at the R3 pivot point at 123.46. A move to this point, would suspend any current upward momentum at least temporarily. As well, if price trades back inside of today’s pivot range it also opens up the market to test current values of support, including the S3 range support pivot at 123.01.

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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.