After yesterdays, breakout the USDJPY remains range bound in today's early morning trading. This turn of events is not surprising, as many Forex pairs are looking towards tomorrows NFP event to help influence the markets direction. Today’s range measures 55 pips, with price currently trading just off of its central pivot at 124.85, as depicted above. In the event that price volatility increases, traders will look for resistance at the R3 pivot at 125.13. Conversely, support is located at the S3 pivot at a price of 124.58.
While prices for the USDJPY are currently flat on the day, breakout traders will continue to monitor the graphed R4 and S4 pivots. A move beyond the R4 pivot at 125.40 would signal a strong continuation in the direction of the pair’s primary trend. Alternatively a decline through today’s S4 pivot at 124.30, would be considered a significant reversal on new bearish momentum.
While prices for the USDJPY are currently flat on the day, breakout traders will continue to monitor the graphed R4 and S4 pivots. A move beyond the R4 pivot at 125.40 would signal a strong continuation in the direction of the pair’s primary trend. Alternatively a decline through today’s S4 pivot at 124.30, would be considered a significant reversal on new bearish momentum.
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