GBPJPY- JPY Weakness Driving Price Higher

Wed 19th April 2023 : Daily Forex Price Action

Today we’re looking at Trading Setups in:

• GBPJPY
• CHFJPY (Covered in Video)

Today we’re looking at Trading Setups in: GBPJPY & CHFJPY (Covered in Video)

JPY and NZD are the only two currencies featured on the tables, both on the weak side.

This tells us that there is a lack of confluence for the stronger currencies.

In these conditions retail traders can lose money by trying to force a position.

Instead, we can take a look at the bigger picture and focus on the JPY weakness. 

GBPJPY has traded through the key highs of 165.75 and is heading towards the 169.00 resistance.

Minor highs have formed at 167.00 which could act as support if price were to retest. 

Technical Observations

• The GBP is S1 and JPY is W1 on the day traders table.
• Price traded through key highs of 165.75.
• Buyers could target key resistance at 169.00.
• Minor support can be seen on the H4 chart at 167.00.
• This support holds confluence with a trend line. 
• Buyers could look for bullish price action in this area for long opportunities.