NZDJPY Long Idea : JPY Weakness In Focus
Fri 24th November 2023 : Daily Forex Strength Analysis
Today we’re looking at Trading Setups in:
- NZDJPY (Primary Focus Pair)
- GBPJPY (Covered In Video)
- AUDJPY (Covered In Video)
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Our Interest (pending order)/Open Interest (live position)
| NZDJPY (Long) | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Alert Set | 90.42 | ||
| Entry Price | If Alert Is Triggered Place A Buy Stop Order At 90.50 | ||
| Stop Loss (Min) | 90.20 | -30 Pips | |
| Stop Loss (Max) | |||
| Profit 1 | 91.10 | +60 Pips | 1 : 2 |
| Profit 2 |
Risk on sentiment continues in the forex market, this means we should see JPY weakness continue.
JPY is currently top of the day traders table, as W1. Opposing this is the NZD, currently sitting strong at the top of both the trend and day traders tables.
Out of the JPY pairs in focus, NZDJPY has the most to offer in terms of risk to reward.
Price is currently trading around 90.61 with support on the M30 time frame being 90.45.
This support holds confluence with a trend line on the M30 time frame formed from the low at 90.20 on the 23rd November.
We can also see the 30M 50 moving average around the supporting lows of 90.45.
If price retests this level and closes above the 50MA it could show us that buyers are stepping back into the market.
Targets should be the daily (D1) highs formed on the 15th November at 91.10.
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Primary Focus Pair Chart:
Technical Observations:
- NZD is S1 and JPY is W1 on the day traders table.
- Price of NZDJPY could reach previous daily highs at 91.10.
- Buyers could wait for price to test the supporting lows at 90.40.
09:00 GMT/BST Forex Strength Vs Weakness Tables:
