Technical analysis for USDJPY By Resistance Breakout
Forecasts

Technical analysis for USDJPY By Resistance Breakout

16 August 2014, 03:03
Peter Gervas
Peter Gervas
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  • USDJPY Stays Range Bound
  • R3 Resistance Sits at .9320
  • Market Breakouts Signaled Over .9335

USDJPY 30min Chart


In the event that momentum subsides, the USDJPY may produce an environment conducive for a false breakout. This should always be a consideration when volatility wanes and trading for the week comes to a close. A move back below R3 resistance would signal and end of today’s current breakout and suggest a return towards a range bound market. Currently the USDJPY range measures 20 pips, and in the event of a price decline reversal traders should monitor S3 range support at 102.33.


#support, resistance, usdjpy, yen