Will JPY Strength Continue And Against Which Currencies
Thurs 5th October 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- AUDJPY (Primary Focus Pair)
- AUDUSD (Covered In Video)
- USDCAD (Covered In Video)
Our Interest (pending order)/Open Interest (live position)
| AUDJPY (Short) | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Alert Set | |||
| Entry Price | 94.34 | ||
| Stop Loss (Min) | 94.94 | -60 Pips | |
| Stop Loss (Max) | |||
| Profit 1 | 93.14 | +120 Pips | 1 : 2 |
| Profit 2 |
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AUDJPY was featured as yesterday’s primary focus pair after identifying a potential short opportunity using the live forex strength vs weakness tables.
On the slate today we have no high impact news that should affect the price of AUDJPY.
In the analysis we highlighted the 94.50 resistance on the H4 time frame, and mentioned this could be a level of interest for sellers.
Price today has come into this resistance on the H4 time frame and has formed a bearish rejection.
We have looked to capitalize on this and placed a sell stop entry into the AUDJPY market.
If price does move lower from here we could target the support zone of 93.00.
This level of support is also a key range low adding confluence to the target area.
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Technical Observations:
- JPY is S1 and AUD is W2 on the day traders table.
- Price has breached key bullish channel support.
- Price has retested the minor resistance level of 94.50.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
