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  • $USDCHF is continuing to strengthen today, now trading above the 0.9300 level. The pair is currently at its highest point since last July after three weeks of continued strength, rising from 0.8900 in mid February to its current levels. $USD $CHF
  • Hey traders! Wrap up your week with a quick update on #NFP and more from @DailyFX Chief Strategist @JohnKicklighter 👇
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  • 🇷🇺 Inflation Rate YoY (FEB) Actual: 5.7% Expected: 5.5% Previous: 5.2%
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.06% 🇨🇭CHF: -0.10% 🇯🇵JPY: -0.11% 🇦🇺AUD: -0.41% 🇳🇿NZD: -0.41% 🇬🇧GBP: -0.44% View the performance of all markets via
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.24% Wall Street: 0.07% US 500: -0.34% France 40: -0.55% Germany 30: -0.67% View the performance of all markets via
  • Heads Up:🇷🇺 Inflation Rate YoY (FEB) due at 16:00 GMT (15min) Expected: 5.5% Previous: 5.2%
  • US Indices are currently mixed, paring their earlier morning gains as the trading session advances. The Nasdaq continues to lead the decline. DOW +0.08% NDX -1.41% SPX -0.32% RUT -0.95% $DIA $QQQ $SPY $IWM
  • Rising bond yields keep the USD supported as market sentiment turns negative BTC/USD looking vulnerable to further downside pressure. Get your $btc market update from @HathornSabin here:
Return to Sender

Return to Sender

Jeremy Wagner, CEWA-M, Head of Education

For those traders who were able to get in and profit from the strong move in the USDJPY, congratulations! Capturing a strong move like that can be very rewarding. If you missed the move earlier today, the market may be setting up another opportunity to sell the pair.

Support/Resistance Trading 101 tells us that when a support zone is broken in a down trend, it tends to act like new resistance in the future. Like a thief returning to the scene of the crime, many times, prices return to that point of breakout. The point of breakout on the USDJPY is in the 80.00-80.60 zone. This partial upward retracement offers traders another opportunity to trade the trend.

Return_to_Sender_Point_of_Breakout_body_Picture_1.png, Return to Sender

Looking at the USDJPY chart, we have 3 points of resistance within 60 pips of each other.

  1. Former November 1, 2010 support shelf at 80.26 becomes new resistance
  2. Former 80.60 support shelf from March 2011 becomes new resistance
  3. Round figures tend to act like resistance (80.00)

The Trading Opportunity

Look for the 80.00 to 80.60 zone to offer some resistance if prices are successful in pushing that high. Place a stop loss just above the March 15 high near 81.25. This gives us 65-125 pips of stop loss. Look for at least twice that distance as your target.

If you are looking for more confirmation on the trade, place an oscillator on the chart and wait for the oscillator to turn down.

Since the Bank of Japan may be inclined to intervene, risk a smaller than typical amount in the trade. At DailyFX EDU, we recommend risking less than 5% of your account balance on open trades.




Click the links above to learn more about trading with Support and Resistance and trading in volatile conditions. Also, inside DailyFX Plus, we host live webinars showing real time support and resistance levels and how to trade them. We look forward to seeing you in a live webinar and working with you at DailyFX EDU!

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.