Forex Markets Stall Ahead Of Data Tomorrow
Tues 20th June 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- GBPJPY (Primary Focus Pair)
- CADJPY (Covered In Video)
- EURAUD (Covered In Video)
Primary Focus Pair: Trade Plan & Details
| No Call | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Entry Price | |||
| Stop Loss (Min) | |||
| Stop Loss (Max) | |||
| Profit 1 | |||
| Profit 2 |
Details:
GBPJPY continues to be the one to watch as it remains top of our live forex strength vs weakness tables.
We have however seen some risk off return to the market, this was to be expected after the rally of last week.
Without any economic data driving the market we can see it is a little subdued at the moment.
Price of GBPJPY has moved over 700+ pips last week, and could continue higher.
If it does find support at current price levels around 180.75, then we could look for price to trade towards our overall targets at 187.80.
This could offer us other trading opportunities on the way to the target.
For instance, if price rallied and traded through the current highs of 182.10, we could look for a retest of the highs as support.
Technical Observations:
- GBP is S1 and JPY is W1 on our day traders tables.
- Price is trading around the support of 180.75.
- If price trades above the recently formed highs traders could look for add in positions.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
