CADJPY: +55 Pips Banked
Buy Again?
Fri 23rd June 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- CADJPY (Primary Focus Pair)
- GBPJPY (Covered In Video)
- GBPNZD (Covered In Video)
Primary Focus Pair: Trade Plan & Details
| CADJPY Long | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Entry Price | 108.10 | ||
| Stop Loss (Min) | |||
| Stop Loss (Max) | 107.30 | -80 Pips | |
| Profit 1 | 109.00 | +90 Pips | 1: 1.1 |
| Profit 2 | 109.40 | +130 Pips | 1 : 1.6 |
Details:
CADJPY followed on from yesterday’s analysis and traded over 100 pips higher from our recent level of support.
We banked +55 Pips on this rally, getting stopped out on a trailing stop loss after a high impact news announcement.
This however could offer us an opportunity to look for another entry into the market.
For those who held the original position, it could be an opportunity to build a larger position.
Our targets for this market haven’t changed with the 109.00 being a short term level of interest, and the 109.75 our higher time frame targets.
Looking at a trading time frame like the H4 chart we can see price is trending higher, making higher highs and higher lows.
We can also connect these higher lows with a trend line from the lows on the 14th June.
This trend line connects with horizontal support between 107.60 to 108.00.
Here we could look for another entry into this market.
Technical Observations:
- CAD is S1 and JPY is W2 on our day traders tables.
- Price is in an upward trend.
- Price is above the daily 200 moving average.
- Buyers could continue to go long until the resistance of 109.75.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
