NZDJPY Breaks Out Of Range Highs At 84.75

Thurs 2nd March 2023 : Daily Currency Strength Analysis

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

• NZDJPY
• AUDUSD (Covered in Video)

NZDJPY Breaks Out Of Range Highs At 84.75

In today’s forex strength video we identified that the New Zealand Dollar (NZD) tops the day traders table as the strongest currency.

The Japanese Yen (JPY) remains on the day traders table as the second weakest currency.

NZDJPY could trade higher with this information.

Looking at the chart on the Daily time frame we can see price has traded through the highs of a trading range at 84.75.

Price has been within this range since early December 2022.

Before price entered this range price fell aggressively from the resistance of 87.00.

This could lead to price pulling back into this resistance again.

Trend traders and day traders could watch the 84.75 – 84.50 zone for buying opportunities. 

Technical Observations

• The NZD is S1 and JPY is W2 on the day traders table.
• Price has broken out of the range highs of 84.75.
• Price is trading above the daily 200 moving average.
• Price could be targeting the 87.00 weekly range highs.
• A bullish rejection of 84.75 -84.50 support could offer buying opportunities.