AUDJPY: Has JPY Strength Returned ?

Wed 26th April 2023 : Daily Forex Price Action

Today we’re looking at Trading Setups in:

• AUDJPY (Primary Focus Pair)
• EURAUD (Covered in Video)

Primary Focus Pair: Overview

AUD continues to show weakness in the forex market. 

This is highlighted by the tables showcasing the currency as the weakest on the day traders tables. 

This momentum could offer us opportunities to short it against other strong currencies.

JPY has dropped from the weak side of the tables, and has appeared as the strongest on the day traders. 

But has JPY strength returned?

For now, we have a pre-signal telling us that AUDJPY is a potential pair to watch. 

What we need to see is JPY appearing on the strong side of the trend traders table. 

When this is confirmed, then we can say with confidence that JPY strength has returned.

Looking at the AUDJPY chart, we can see that price has found resistance at the 90.50 level. 

If this downward pressure continues, price may trade through this long term trend line support, and find support towards 85.50 or 84.00.

Traders should be looking towards the lower time frame such as the daily, where we can see price is coming into previous lows.

If price finds support here we would expect a move back to minor resistance at 89.50.

Todays 9am (BST) Forex Strength Vs Weakness Tables: