EURJPY Will Buyers Reach 146.50?

Fri 3rd March 2023 : Daily Currency Strength Analysis

In Today’s Video we’re looking at Trading Setups in:

• EURJPY
• NZDCAD (Covered in Video)
• AUDNZD (Covered in Video)
• AUDUSD (Covered in Video)

EURJPY Will Buyers Reach 146.50?

In today’s forex strength video we identified that the Euro (EUR) is the third strongest currency on the day traders table.

The Japanese Yen (JPY) remains on the weak side of the table at W2.

The tables suggest that EURJPY could trade higher. 

However the technical analysis suggests that the price may move a lot lower first. 

This is why it is important to use the tables in context with price action. 

On the weekly chart the price is in a strong upwards trend trading above the daily 200 moving average.

However, the H4 chart paints a different picture.

The price has broken down through support at 144.75 and looks to be heading towards the lower demand zone of 144.00.

Traders may want to stay away from this pair until the price can show buyers are entering the market at a demand zone.

Technical Observations

• The EUR is S3 and JPY is W2 on the day traders table.
• Price is in a strong upward trend on the weekly chart.
• Price is trading above the daily 200 moving average.
• H4 Chart shows price trading down through support.
• Price may want to seek lower prices such as the 144.00 or 142.75 support.