How To Stay On The Right Side Of The Forex Market
Wed 10th May 2023 : Daily Forex Price Action
Today we’re looking at Trading Setups in:
- NZDJPY (Primary Focus Pair)
Primary Focus Pair: Overview
NZDJPY
The JPY has appeared on our strength v weakness tables as a weak currency once again.
On the day traders table it is shown at the third weakest currency, showing a potential confirmed signal for JPY against stronger currencies.
The NZD remains at the top of both tables as the strongest currency, meaning we can take a look at the NZDJPY signal for long trades.
NZDJPY has recently traded through and retested the highs of 85.25.
This could be a sign of price moving to the next level of resistance which is 86.50.
On the H4 chart, price is shown to be trading back at the highs, so traders would need to wait.
The two options we could wait for are 1) the break and retest of the minor highs that have formed or 2) wait for the price to pull back to the previous support of 85.25 for a buying opportunity.
Our tables show us the momentum is to the long side, and a breakout higher could be met with further buying pressure.
