USDJPY attempts breakout

FX:USDJPY   U.S. Dollar/Japanese Yen
54 0 3
The USDJPY             has attempted to breakout this morning, with price currently trading above key values of resistance. Today’s, breakout begins above resistance is found at the R3 Camarilla pivot point , at a price of 123.69. If price remains above resistance, this would be just the first bullish breakout in the last five trading sessions. As prices move towards higher highs, this would suggest that the pair is potentially reversing from its previous short term downtrend and moving back in the direction of its daily uptrend.

In the event of a false breakout, traders will look for prices to dip back below today’s range resistance value found at the R3 pivot point at 123.46. A move to this point, would suspend any current upward momentum at least temporarily. As well, if price trades back inside of today’s pivot range it also opens up the market to test current values of support, including the S3 range support pivot at 123.02.
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