FX Reversals: USDJPY Morning Breakout
Talking Points
-
AUDUSD
Stays Range Bound
- R3 Resistance Sits at .9320
- Market Breakouts Signaled Over .9335
USDJPY
30min Chart
(Created using FXCM’s Marketscope 2.0 charts)
The USDJPY has broken out above todays R4 camarilla pivot at 102.63 going into Fridays close. This is directly in line with this week’s trend for the pair, as
prices
have closed at a higher high over the last four trading days. Trend and momentum traders can take advantage of this directional move and continue to look for areas to buy the USDJPY as prices progress towards higher highs.
In the event that momentum subsides, the USDJPY may produce an environment conducive for a false breakout. This should always be a consideration when volatility wanes and trading for the week comes to a close. A move back below R3 resistance would signal and end of today’s current breakout and suggest a return towards a range bound market. Currently the USDJPY range measures 20 pips, and in the event of a price decline reversal traders should monitor S3 range support at 102.33.
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—Written by Walker England, Trading Instructor
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