Talking Points
- Today the EURJPY has opened in a 99 pip range
- Price sits near its central pivot at 129.45
- A break below 128.46 would suggest a broader reversal
EURJPY 30Minute Chart
(Created using FXCM’s Marketscope 2.0 charts)
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The EURJPY has been slowly advancing this week rising as much as 266 pips off of Tuesdays low of 127.45. However, price has found resistance going into Friday’s close beneath 130.00. Currently, the pair is trading near its central pivot at 129.45. Price moved to this point after previously testing both sides of its daily trading range. Today’s trading range begins at the S3 Camarilla pivot at a price of 128.95 and ends at the R3 pivot point at 129.94.
In the event that price continues to range, and any attempted breakout fails, traders should continue to watch support and resistance values inside of todays 99 pip range. If a late breakout does occur, price above the R4 pivot at 130.44 would signal a significant continuation of this week’s trend. Alternatively, a move below the S4 pivot at 128.46 opens the possibility of the week ending in a broader price reversal.
Then, to practice setting up orders using Camarilla Pivots, register for a FREE Forex demo with FXCM. This way you can develop your day trading techniques while tracking the market in real time.
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---Written by Walker England, Trading Instructor
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