USDJPY Reverses on News
Talking Points
-
The
USDJPY
opens lower, but breaks resistance on news
- Today’s R4 pivot sits at 121.35
- Range resistance starts at 121.20
USDJPY 30Minute
Chart
(Created using FXCM’s Marketscope 2.0 charts)
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The USDJPY is currently breaking out to new weekly highs this morning on better than expected
CPI
data. This move came in spite of prices attempting to break towards a lower low in early trading. Price action first attempted to move below the S4
Camarilla pivot
at 120.73. However, this counter trend reversal quickly concluded as prices rebounded back inside of today’s trading range staring with the S3 line of support at 120.88.
At this point, the USDJPY has advanced as much as 235 pips on the week. With such a strong bullish bias, many trend traders will continue to utilize strategies to take advantage of the markets direction. It should be noted an intraday reversal back inside of the range, starting at the R3 pivot at 121.20, would at least temporarily signal a potential reversal for the pair. This would open the possibility of prices closing for the week on a retracement counter to the USDJPY’s daily trend.
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—Written by Walker England, Trading Instructor
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