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USDJPY Breakout on Morning News

FX:USDJPY   U.S. Dollar / Japanese Yen
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The USD/JPY             has broken out this morning to new weekly lows on worse than expected Advanced             Retail Sales data. Expectations were set at .2%, however the actual release printed at .1% causing the US Dollar             to drop against most major currencies. Currently, the USD/JPY             is trading below today’s S4 Camarilla pivot , which is found at a price of 119.43. Traders looking for a lower low, can begin targeting a 1x extension of today’s 29 pip trading range towards a price of 119.14.

In the event of a false breakout, traders will look for prices to advance back above range support which is begins at the S3 pivot point at a price of 119.57. A move to this point, would invalidate the current breakout environment. At this point traders should consider the change in market conditions and begin looking for price to move back towards values of resistance. Today’s resistance points include the R3 pivot at 119.86, and the R4 pivot at 1.1414. A move beyond 1.1414 would represent a significant change in market direction, and would suggest that a broader reversal may be developing for the pair.
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