EURJPY – Potential 700 pip move ahead !
Wed 8th November 2023 : Daily Forex Price Action
Today we’re looking at Trading Setups in:
- EURJPY (Primary Focus Pair)
- EURCAD (Covered In Video)
- GBPJPY (Covered In Video)
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Our Interest (pending order)/Open Interest (live position)
EURJPY remains on our watch list going into today’s trading day.
EUR is S2 (Strong 2) on both of our live forex strength vs weakness tables.
JPY is W1 (Weak 1) on both of the tables, giving us long ideas on EURJPY.
We featured EURJPY in yesterday’s video which can be found here.
In that analysis we identified that price had broken through the key Daily (D1) highs of 159.50.
This could see price trade much higher with the next notable resistance level being found on the monthly (MN) time frame up at 168.50.
Monthly (MN) resistance of 168.50 was formed from highs back in July 2008, making this move a potential 700 pip move.
Currently the H4 chart is showing price consolidation above supporting H4 lows of 160.50.
If price remains above these lows we could look for long ideas.
Long ideas could form above the H1 50MA, which is being rejected by price.
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