The USDJPY has failed to breakout to higher highs this morning, while many of the Forex majors are moving on US Dollar strength. . The USDJPY can be considered range bound as long as price remains trading inside the R3 pivot at 122.85. So far, price has stayed below this value in early trading, suggesting prices may attempt to test values of support. Price support for today’s range currently sits at the S3 pivot, at a price of 122.62, which completes todays 24 pip trading range.
In the event that current range bound market conditions conclude, traders may begin looking for a breakout. A move above today’s R4 pivot, found at 123.15, would suggest a new bullish momentum for the pair on the creation of a higher high. Conversely, a move through support and below the S4 pivot at 121.96, would signal a larger price reversal as price attempts to breakout to new monthly lows. In either breakout scenario the range would be considered concluded, at which point reversal traders can consider new orders in the direction of the markets chosen direction.
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