JPY Weakness Sweeps The Market
Fri 21st July 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- CADJPY (Primary Focus Pair)
- CHFJPY (Covered In Video)
- NZDCHF (Covered In Video)
Primary Focus Pair: Trade Plan & Details
| CADJPY Long | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Entry Price | 106.60 | ||
| Stop Loss (Min) | |||
| Stop Loss (Max) | 105.50 | -110 pips | |
| Profit 1 | 109.00 | +240 pips | 1: 2.1 |
| Profit 2 |
Details:
CADJPY tops our day traders table as JPY weakness dominates the market.
CADJPY has found support at a weekly level which was a neckline of a double top pattern that had formed around October 2022.
Price has rejected this neckline support at 104.50.
Since then price has traded higher towards the key resistance highs around 109.50.
On our trading time frame (H4/H1 chart) we can see the price has made a new high.
Traders could look to use the prior highs at 106.60 as support, targeting the 109.50 highs.
Technical Observations:
- Price has found support at 104.50.
- Lower time frames show price making new higher highs.
- Buyers could look to target the highs of 109.00.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
