EURJPY Volatility Is The Buzzword

Thurs 16th March 2023 : Daily Currency Strength Analysis

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

• EURJPY
• AUDUSD (Covered in Video)
• CADJPY (Covered in Video)

EURJPY Volatility Is The Buzzword

Market volatility is high as the banking sector globally comes under extreme pressure.

EURJPY prices fell over 500 pips yesterday as fear in the markets took over. 

Today the European Central Bank is forecast to hike interest rates by 50 basis points, however, European banks are calling for a lower rate increase or a pause to rate hikes.

This uncertainty today could see prices go either way.

In these types of conditions, it can be best to step away from the markets. 

However, technically the EURJPY price continues to look bearish.

We have seen price trade through a bullish channel, and key supporting levels.

Price is currently testing key lows of 141.50, if it holds it could offer further selling opportunities. 

Technical Observations

• The JPY is S1 and EUR is W1 on the day traders table.
• Price breaks down through a bullish channel.
• Price fell over 500 pips yesterday.
• Price found support at 139.50 lows. 
• Currently price is finding resistance at the previous lows of 141.50.
• If this holds it could lead to a move to the support of 138.00.