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JPY Weakness Sweeps The Market

Fri 21st July 2023 : Daily Forex Price Action

Today we’re looking at Trading Setups in:

  • CADJPY (Primary Focus Pair)
  • CHFJPY (Covered In Video)
  • NZDCHF (Covered In Video)
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Primary Focus Pair: Trade Plan & Details

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.

Live Forex Charts - CADJPY - Charles Clifton Forex Trader - 1-2-1 Forex Trader Training Courses - 21-07-23