Why GBPJPY & EURJPY Should Be On Your Trading Watch-list
Tues 7th November 2023 : Daily Forex Strength Analysis
Today we’re looking at Trading Setups in:
- GBPJPY (Primary Focus Pair)
- EURJPY (Covered In Video)
- EURCHF (Covered In Video)
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Our Interest (pending order)/Open Interest (live position)
| GBPJPY (Long) | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Alert Set | 185.10 & monitor H1 50MA | ||
| Entry Price | If Price Breaks H1 50MA & Closes Above Place A Buy Stop Order 185.20 | ||
| Stop Loss (Min) | 184.60 | -60 Pips | |
| Stop Loss (Max) | |||
| Profit 1 | 186.40 | +120 Pips | 1 : 2 |
| Profit 2 |
GBPJPY remains atop of the live forex strength vs weakness tables, GBP as S1 and JPY has W1.
You can see yesterday’s analysis here.
GBPJPY has been our primary focus pair for this week, and price has recently started to pull back.
On the daily (d1) chart we can see the price has closed bullish as we target the key resistance of 186.50.
Moving down to the intraday charts such as the hourly (H1) price is trading back at the 50MA.
If price could close above this hourly 50MA it could offer us a long opportunity.
This hourly moving average is supported by a trend line which forms from the lows on 30th October.
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Primary Focus Pair Chart:
Technical Observations:
- GBP is S1 and JPY is W1 on the day traders table.
- Price is in a strong upward trend on the lower time frames.
- If price can break above the hourly 50MA we could expect trend to continue.
09:00 GMT/BST Forex Strength Vs Weakness Tables:
