180+ Pips Banked : What’s Next ?
Mon 12th June 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- AUDJPY (Primary Focus Pair)
- GBPJPY (Covered In Video)
- AUDCHF (Covered In Video)
Primary Focus Pair: Trade Plan & Details
| AUDJPY Long | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Entry Price | 93.80 | ||
| Stop Loss (Min) | 92.96 | -84 Pips | 1: 1.7 |
| Stop Loss (Max) | |||
| Profit 1 | 95.00 | +120 Pips | |
| Profit 2 | 95.25 | +145 Pips |
Details:
Our live forex strength vs weakness tables show us that AUD remains the strongest currency.
This has been the picture since AUD appeared around the 2nd June.
On the opposite side JPY continues to weaken, offering us long opportunities on AUDJPY again.
In our video last week, on the 8th June, we pointed out a long idea from 93.15 and if taken price has rallied over 100+ pips.
However, we could look for alternative entries as we look to target the key resistance level of 95.00.
If price pulls back to support on the hourly chart of 93.80 and the 50 moving average, we can look for a long position.
Technical Observations:
- AUD is S1 and JPY is W2 on our day traders tables.
- Price is trading towards key resistance at 95.00 – 95.25.
- Price is trading above the daily 200 moving average.
- Price traded through key resistance at 92.50.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
