AUDJPY One To Watch As Risk On Returns
Thurs 23rd November 2023 : Daily Forex Strength Analysis
Today we’re looking at Trading Setups in:
- AUDJPY (Primary Focus Pair)
- GBPJPY (Covered In Video)
- AUDCAD (Covered In Video)
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Our Interest (pending order)/Open Interest (live position)
| AUDJPY (Long) | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Alert Set | 97.70 | ||
| Entry Price | If Alert Is Triggered Place A Buy Stop Order At 97.80 | ||
| Stop Loss (Min) | 97.50 | -30 Pips | |
| Stop Loss (Max) | |||
| Profit 1 | 98.40 | +60 Pips | 1 : 2 |
| Profit 2 |
Risk on seemed to have returned to the market over the past couple of days, with JPY appearing back on the weak side of our live forex strength and weakness tables.
This could open up an opportunity to buy AUDJPY.
AUD strength seems to be holding on the tables and is currently S2.
On the M30 time frame we can see the price is trading above the M30 50 moving average, showing the price is bullish.
We can also see on the M30 time frame that price formed a low around 97.70.
If price retests these M30 lows we could look for a long opportunity.
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Primary Focus Pair Chart:
Technical Observations:
- AUD is S2 and JPY is W3 on the day traders table.
- Price of AUDJPY is trading above the moving averages.
- Buyers could target key highs 98.60.
09:00 GMT/BST Forex Strength Vs Weakness Tables:
