EURJPY Will Price Trade Lower?

Fri 10th February 2023 : Daily Currency Strength Analysis

In Today’s Video we’re looking at Trading Setups in:

• EURJPY
• EURUSD (Covered in Video)

EURUSD Short Trade Idea Forming At 1.0775?

In today’s forex strength video we identified that the Euro (EUR) tops the day traders table as the weakest currency. 

The Japanese Yen (JPY) tops the day traders table as the strongest currency.

Does this mean we will see EURJPY trade lower?

Price of EURJPY is in a large trading range between 142.75 and 138.00.

Price is currently trading in the middle of this range after rejecting the highs. 

If the tables remain the same we could expect a move to the lows of the range.

141.10 was were price recently fell from meaning sellers got aggressive at this level.

If price returns here we could look for further short trading opportunities. 

Technical Observations

• The EUR is W1 and JPY is S1 on the day traders table.
• Price is trading within a large range between 142.75 and 138.00.
• A resistance zone has formed at 141.10.
• If price returns to here and rejects we could look for price to trade lower. 
• Targets for sellers will be the range lows.