Forex moves when the people or traders of that country or countries starting their working day. This is one of the key points to understand when trading forex since prices tend to break around one of the market opens. The reason for this is the immediate influx of traders entering the market at the same time which cause price movement, liquidity, and pure price action. These traders go to the office, take a look at how prices traded overnight and what data was released and then adjust their portfolio accordingly.
In forex that operate around the clock 24 hours, there are numerous market open; 21:00 GMT is Sydney(Australian) open, 23:00 GMT is Asian/Tokyo open, 7:00 GMT is European open, 8:00GMT is London open and 12:00 GMT is New York open.
As my reference, I prefer to used 24:00 GMT as Asian open (i.e Tokyo Stock market open) and considered it as the daily opening price.
The chart showed that all the above line played significant roles as support and resistance for USDJPY during the 24 hours period.
1. Early in Asian session, pivot point act as resistance with Tokyo open act as support. After lunch USDJPY bounce off the Tokyo open, cross over the 24:00 GMT line and daily pivot.
2. During London session, USDJPY is capped by the London Open but supported by the 24:00 GMT line and the daily pivot.
3. The last session for the day i.e. New York session , USDJPY continued the upward moved and than pullback at support of New York open. Prices than rebounded toward the daily R1.
