Our Tables Detect JPY Sentiment Shifting
Wed 12th July 2023 : Daily Forex Price Action
Today we’re looking at Trading Setups in:
- USDJPY (Primary Focus Pair)
- GBPAUD (Covered In Video)
- AUDCHF (Covered In Video)
Primary Focus Pair: Trade Plan & Details
Details:
USDJPY is our main forex pair in focus, as our tables begin to show that the JPY sentiment may be shifting.
JPY has been weak for so long, so a turn from weak to strong wasn’t too much of a surprise.
We have been monitoring a resurgent JPY from it’s disappearance from the weak side of our tables yesterday to it’s appearance on the strong side of both tables today.
This confirms JPY strength on both Day and Trend Trading timeframes, and that sentiment may well be shifting towards a stronger JPY going forward.
USDJPY has continued to form lower highs and lower lows on lower time frames since testing the key resistance at 145.00.
Price is currently trading at 139.70, showing us how bearish price has been lately.
If we were to look for an entry on this forex pair, we would look for price to trade higher first.
Price has multiple confluences around 140.60, including a 50 moving average, horizontal resistance, and a bearish channel resistance.
This level could be used as resistance for short trading opportunities.
