- USDJPY Moves to R3 Resistance
- Range Support Sits at 101.68
- Price Above R4 Signals a Breakout to Weekly Highs
AUDUSD 30min Chart
(Created using FXCM’s Marketscope 2.0 charts)
The USDJPY has drifted slowly upward overnight to range resistance at 101.92, as marked by the R3 camarilla pivot. Range traders will look to take advantage of prices reversals against resistance back towards the S3 value of support. Currently range support for the USDJPY is found at 101.68. In the event that price moves back to support, traders then can consider new buy entries in anticipation of another early morning price reversal.
Markets may reverse trading conditions at any time and reversal traders should be aware of the potential for a price breakout. Utilizing camarilla pivots, a breakout would be signaled by price moving above R4 resistance at 101.92 or below S4 support at 101.55. A move above R4 would signal a short term move towards higher highs, and indicate a change in current market conditions. At this point, range trading should be concluded and traders can consider entries with the markets new influenced direction.
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.
Click HERE to Register Now
ForexAmid the rising economic power of India, the talks of making the Indian currency fully convertible are gaining momentum. We look at the pros and cons.
Forex FundamentalsAs the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
EconomicsOne particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
ForexBreaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
InvestingAccess to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
EconomicsSouth Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
Forex EducationPeer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
ForexHere is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
EntrepreneurshipA brief overview of the top apps that help forex traders with on time information, charts and more.
Investing BasicsVirtual currency is probably here to stay, but what about Bitcoin specifically? Does it have a first-to-market advantage? What are the risks involved?
- No results found.