USDJPY Support and Resistance Update
The USDJPY is currently range bound this morning, trading inside of a 39 pip range. So far this morning the pair has already bounced from range support. This value is currently found at the S3 Camarila pivot at 123.68. As price is now advancing, Forex traders will begin to monitor range resistance at 124.07. If prices remain below this point, it can open up the opportunity to establish new range based positions.
In the event that the USDJPY moves beyond the R4 pivot at 124.27, traders can begin looking for continued bullish momentum on the USDJPY back in the direction of its primary trend. Conversely, a move through support, below the S4 pivot at 123.48, would signal a larger price reversal on the creation of a new lower low. In either breakout scenario, the current established range would be considered nullified, at which point Forex reversal traders can consider new orders in the direction of the markets chosen direction.
dailyfx.com/forex/education/trading_tips/chart_of_the_day/2015/07/22/FX-Reversals-USDJPY-Update.html
In the event that the USDJPY moves beyond the R4 pivot at 124.27, traders can begin looking for continued bullish momentum on the USDJPY back in the direction of its primary trend. Conversely, a move through support, below the S4 pivot at 123.48, would signal a larger price reversal on the creation of a new lower low. In either breakout scenario, the current established range would be considered nullified, at which point Forex reversal traders can consider new orders in the direction of the markets chosen direction.
dailyfx.com/forex/education/trading_tips/chart_of_the_day/2015/07/22/FX-Reversals-USDJPY-Update.html
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