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
Bullish
Oil - US Crude
Bearish
Wall Street
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
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Bearish
More View more
USD/JPY Range Bound to Start Week

USD/JPY Range Bound to Start Week

Walker England, Forex Trading Instructor

Talking Points

  • The USD/JPY is trading back under resistance at 117.64
  • SSI reads an extreme +2.23
  • Bearish breakouts begin under 116.32

USD/JPY 30 Minute Chart

USD/JPY Range Bound to Start Week

(Created using Trading View Charts)

Losing Money Trading Forex? This Might Be Why.

The USD/JPY is settling back down below resistance, after failing to breakout during Monday’s open. Current resistance is found at today’s R3 Camarilla pivot, which is found at a price of 117.64. If prices remain below this point, it suggests that prices may return to support. Today’s pivot range measures, 89 pips and places support at 116.75. It should be noted that prices have already tested support once this morning. If prices reach this point again, range traders may again look for prices to trade back towards resistance.

Traders looking for a breakout should continue to monitor today’s R4 and S4 pivot points. A move through the R4 pivot, which is depicted above at a price of 118.09, would suggest a return to the bullish momentum seen earlier in today’s trading session. Conversely, a move below the S4 pivot at 116.31 would suggest a turn in direction back towards the USD/JPY’s primary trend. In this scenario, traders may extrapolate 1-X extension of today’s range to find potential targets near 115.42

SSI (Speculative Sentiment Index) for the USD/JPY has already started the week at an extreme. The index is currently reading at +2.23. With more positions long than short, this contrarian indicator points towards the potential for further USD/JPY weakness this week. In the event of a reversal or further consolidation for the pair, traders will look for this index to pull back from extremes to a more neutral value.

To Receive Walkers’ analysis directly via email, please SIGN UP HERE

See Walker’s most recent articles at his Bio Page.

Do you know the biggest mistake traders make? More importantly, do you know how to overcome the biggest mistake? Read page 8 of the Traits of Successful Traders Guide to find out [free registration required].

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