EURJPY Breaks 142.75 Range Highs

Fri 17th February 2023 : Daily Currency Strength Analysis

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

• EURJPY
• NZDUSD (Covered in Video)
• GBPUSD (Covered in Video)
• USDJPY (Covered in Video)
• CADJPY (Covered in Video)

EURJPY Breaks 142.75 Range Highs

In today’s forex strength video we identified that the EURO (EUR) is a strong currency, and the Japanese Yen (JPY) remains a weak one.

We have talked about many JPY pairs this week including USDJPY and CADJPY, now we are looking at EURJPY.

The JPY weakness has seen EURJPY break a range high of 142.75.

Previously the price was trading between these highs and the lows of 138.00.

Now price has broken out of these highs we can look for buying opportunities to the next resistance zone.

This resistance zone is the December highs of 146.50.

Trend traders may want to wait for price to retest the range highs before looking to buy.

Day traders may look towards lower time frame demand zones for short term opportunities.

Technical Observations

• The EUR is S2 and JPY is W2 on the day traders table.
• Price has traded through the key range highs of 142.75.
• Price is trading above the 200 daily moving average.
• Price could head to the next resistance level of 146.50.
• Trend traders could look for longs back at range highs.
• Day traders could watch demand zones.