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EURJPY: Rally Targets Key 169.00 Resistance

Tues 2nd May 2023 : Daily Forex Price Action

Today we’re looking at Trading Setups in:

  • EURJPY (Primary Focus Pair)
  • CADJPY (Covered in Video)
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Primary Focus Pair: Overview

EURJPY

The JPY is the only highlighted currency on the tables today, and it is shown as the weakest across both tables.

When looking across the JPY pairs, we can see that EURJPY and CADJPY could be ones to watch.

EURJPY in particular has seen an astronomical rise of late, with price trading through the key 148.50 resistance.

The next significant level for EURJPY is up at 169.00.

This is over 2050 pips away, and could be targets for traders going long.

Fundamentally, the EUR could strengthen from the ECB hiking interest rates.

The BoJ on the other hand are known for keeping interest rates very low.

Contrasting monetary policies could fuel the rally even further.

Forex | Live Forex Charts - EURJPY - How to Find A Trending Forex Pair To Trade - Charles Clifton Forex Trader - 1-2-1 Forex Trader Training Courses - charlesclifton.co.uk

When looking to get long, we want price to be at a level of support.

In the case of EURJPY, this support would be the recent resistance of 148.50.

If price can retest this level and the forex pairs confirm a signal from the currency strength tables, we could look for a position in the market.