US Markets Offline: JPY Still Weak
Mon 3rd July 2023 : Daily Forex Price Action
Today we’re looking at Trading Setups in:
- GBPJPY (Primary Focus Pair)
- USDJPY (Covered In Video)
- NZDJPY (Covered In Video)
Primary Focus Pair: Trade Plan & Details
Details:
The US markets will be offline for a couple of days (July 4th / Independence day) meaning trading volumes will be low whilst volatility is likely to be heightened heading into this week of trading.
Despite this, GBP briefly appeared on the tables this morning as a strong currency being S1 on the trend traders tables and S3 on the day traders tables. It shortly fell away from the tables after the UK Manufacturing PMI data showed a decline.
However, JPY remains our weakest currency topping both tables.
So could GBPJPY trade higher, if GBP returned back as a strong currency?
Price of GBPJPY has been on fire lately, very similar to other JPY paired currencies, but GBPJPY has rallied over 1500+ pips since May formed a lows at 167.60.
If this momentum were to continue we could see price test the November 2015 highs at 188.00.
Looking at our hourly trading timeframe we can see price is forming support at 183.00, this level could offer an opportunity to go long.
This level holds confluence with a 50 moving average and a previous structure lows.
