USDJPY Breakout on News
Talking Points
-
The
USDJPY
breaks from resistance on news
- R4 resistance is found at 123.82
- Today’s range begins at 123.57
USDollar
30Minute
Chart
(Created using Trading View Charts: Click on the chart below to zoom in; after zooming in, press the play button towards the right to set the market in motion)
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The USDJPY has opened today’s US trading session, breaking higher on
USD Durable Goods Orders
for the month of May. Even though the release came in worse than expected the USDJPY still rallied and pushed beyond its R4 daily Camarilla pivot at 123.82. If price continues its advance from this point, it would be just the second daily close higher for the pair in the last three trading sessions. If current bullish momentum for the USDJPY continues, trend traders can look to initiate new orders using this directional bias.
Alternatively, in the event of price returning back inside of today’s trading range, this morning’s breakout would be invalidated and labeled a false breakout. Today’s trading range begins at the R3 pivot point found at 123.57 and ends at the S3 pivot at 123.13. If price trades inside of this range, it would be considered a significant reversal of present market conditions. A decline to support would also open the pair up for a further reversal on a breakout of the S4 pivot at 122.87.
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Previous Market Setups
USDollar Trend Retracement
GBPUSD Reaches Range Resistance
GBPUSD Range Reversal Update
USDollar Attempts Breakout on News
EURJPY Fails to Breakout Higher
—Written by Walker England, Trading Instructor
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