Risk Events In Focus : GBPJPY Still On The Tables
Tues 22nd August 2023 : Daily Forex Price Action
Today we’re looking at Trading Setups in:
- GBPJPY (Primary Focus Pair)
- USDJPY (Covered In Video)
- AUDJPY (Covered In Video)
Our Interest (pending order)/Open Interest (live position)
Risk warning: Trading carries a high degree of risk. Read more here.
Our proprietary Forex Strength V’s Weakness tables have changed significantly overnight, seeing AUD and NZD move from the weak side of the tables to the strong side.
This tells us that there is some indecision in the markets, which occurs when we head into a risk event.
Not only is it Jackson Hole this week, but we have had CPI data out of Japan as well as some slowdown in economic growth in China.
All these events in combination with us being in August, as well as the end of the month could add to the swings in the market.
However, through all this GBP remains S1 and JPY remains W3 on the day traders table.
GBPJPY was featured yesterday and price rallied 180 pips into the prior highs of 186.50.
Since then we have seen prices fall slightly; quite possibly profit taking ahead of mentioned risk events.
GBPJPY Prior high support remains at 185.50, so0 if price were to retrace back to this level we could see buyers step in again.
The 185.50 level also holds confluence with a trend line and an hourly 50 period moving average.
No changes have been made to our open interest as we are looking for the 185.50 support zone to trigger our pending orders process – see yesterday’s post for full details.
