USDJPY: Price Finds Support Time To Wait

Fri 17th March 2023 : Daily Forex Price Action Analysis

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

• USDJPY
• GBPAUD (Covered in Video)
• CADCHF (Covered in Video)

Our Forex Strength tables (featured below) tell us that the JPY is currently the strongest currency on the trend traders table.

On the weak side of the table the USD is the only currency of confluence. 

However the price of USDJPY has reached a higher time frame support level. 

This could cause the price of USDJPY to move higher. 

Price is finding support at the weekly level of 132.75.

Thursdays close formed as a bullish pin candle, which suggests the market could move higher.

If we were to short this market, we would need the price to trade up to a resistance zone.

Resistance zones of interest at the 135.00 or 135.50.

If price were to reach these zones we could look for a potential selling opportunity. 

Today’s Technical Observations:

• The JPY is S3 and USD is W2 on the day traders table.
• Price is currently testing a weekly support zone of 132.75.
• Thursdays close was a bullish pin candle, which can lead to a move higher.
• Price could trade up to the next resistance levels of 135.00 and 135.50.