EURJPY – Potential 700 pip move ahead !
Wed 8th November 2023 : Daily Forex Strength Analysis
Today we’re looking at Trading Setups in:
- EURJPY (Primary Focus Pair)
- EURCAD (Covered In Video)
- GBPJPY (Covered In Video)
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Our Interest (pending order)/Open Interest (live position)
| EURJPY (Long) | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Alert Set | 160.80 & monitor H1 50MA | ||
| Entry Price | If Price Breaks H1 50MA & Closes Above Place A Buy Stop Order 160.90 | ||
| Stop Loss (Min) | 160.40 | -50 Pips | |
| Stop Loss (Max) | |||
| Profit 1 | 161.90 | +100 Pips | 1 : 2 |
| Profit 2 | 164.90 | +400 Pips | 1 : 10 |
EURJPY remains on our watch list going into today’s trading day.
EUR is S2 (Strong 2) on both of our live forex strength vs weakness tables.
JPY is W1 (Weak 1) on both of the tables, giving us long ideas on EURJPY.
We featured EURJPY in yesterday’s video which can be found here.
In that analysis we identified that price had broken through the key Daily (D1) highs of 159.50.
This could see price trade much higher with the next notable resistance level being found on the monthly (MN) time frame up at 168.50.
Monthly (MN) resistance of 168.50 was formed from highs back in July 2008, making this move a potential 700 pip move.
Currently the H4 chart is showing price consolidation above supporting H4 lows of 160.50.
If price remains above these lows we could look for long ideas.
Long ideas could form above the H1 50MA, which is being rejected by price.
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Primary Focus Pair Chart:
Technical Observations:
- EUR is S2 and JPY is W1 on the day traders table.
- Price is in a strong upward trend on the lower time frames.
- If price can break above the H4 consolidation we could expect price to trend higher.
09:00 GMT/BST Forex Strength Vs Weakness Tables:
