How To Stay On The Right Side Of The Forex Market

Wed 10th May 2023 : Daily Currency Strength Analysis

Today we’re looking at Trading Setups in:

• NZDJPY (Primary Focus Pair)

Primary Focus Pair: Overview

NZDJPY

The JPY has appeared on our strength v weakness tables as a weak currency once again.

On the day traders table it is shown at the third weakest currency, showing a potential confirmed signal for JPY against stronger currencies.

The NZD remains at the top of both tables as the strongest currency, meaning we can take a look at the NZDJPY signal for long trades.  

NZDJPY has recently traded through and retested the highs of 85.25.

This could be a sign of price moving to the next level of resistance which is 86.50.

On the H4 chart, price is shown to be trading back at the highs, so traders would need to wait.

The two options we could wait for are 1) the break and retest of the minor highs that have formed or 2) wait for the price to pull back to the previous support of 85.25 for a buying opportunity.

Our tables show us the momentum is to the long side, and a breakout higher could be met with further buying pressure. 

Technical Observations:

• JPY is W3 and NZD is S1 on the day traders tables.
• Price has traded through the key resistance at 85.25.
• The next resistance to target for buyers is 86.50.
• Traders could wait for a breakout opportunity on the H4 chart. 
• Alternatively, wait for the price to retest the 85.25 as support.

Todays 9am (BST) Forex Strength Vs Weakness Tables: