FX Reversals: USDJPY Reaches Range Resistance

By DailyFx | July 25, 2014 AAA

DailyFX.com -

Talking Points

  • USDJPY Moves to R3 Resistance
  • Range Support Sits at 101.68
  • Price Above R4 Signals a Breakout to Weekly Highs

AUDUSD 30min Chart

FX Reversals: USDJPY Reaches Range Resistance

(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.

FX Reversals: USDJPY Reaches Range Resistance

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

comments powered by Disqus
Related Forex Analysis
  1. GBP/USD upside remains corrective – Commerzbank
    Forex News

    GBP/USD upside remains corrective – Commerzbank

  2. USD/CHF shows recovery attempts, as it bottomed at 0.9340
    Forex News

    USD/CHF shows recovery attempts, as it bottomed at 0.9340

  3. USD/JPY Daily Outlook - September 19
    Investing

    USD/JPY Daily Outlook - September 19

  4. SEB:  More EUR/USD buying seen above 1.2943 - eFXnews
    Forex News

    SEB: More EUR/USD buying seen above 1.2943 - eFXnews

  5. USD/CAD at Risk for Larger Downside Correction on Sticky Canada CPI
    Forex News

    USD/CAD at Risk for Larger Downside Correction on Sticky Canada CPI

Trading Center