Risk On Sentiment Offers
JPY Trading Opportunities
Thurs 22nd June 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- EURJPY (Primary Focus Pair)
- CADJPY (Covered In Video)
- EURUSD (Covered In Video)
Primary Focus Pair: Trade Plan & Details
| EURJPY Long | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Entry Price | 155.40 | ||
| Stop Loss (Min) | |||
| Stop Loss (Max) | 154.25 | -115 Pips | |
| Profit 1 | 159.00 | 1: 3.1 | |
| Profit 2 | 169.00 | 1 : 11.8 |
Details:
EURJPY has appeared at the top of our live forex strength vs weakness tables today showing us that the risk on environment has returned.
This could see opportunities appear again on the JPY which has been our focus for the past 2 weeks at least.
EURJPY has recently made new highs after trading above 150.00.
This could see buyers targeting the next level of resistance, which we have to look back all the way to 2007-2008 to find.
Between the period of April 2007 and September 2008 EURJPY ranged between 150.00 lows and 169.00 highs.
Price looked to form a level within this range at 159.00 which could become a near term target for buyers.
But ultimately, if JPY sentiment remains as is, price could reach the 169.00 highs once again offering us many opportunities.
The H4 chart shows price forming highs at 155.25. These highs could be used as support again for buyers looking to jump onto this trend.
Technical Observations:
- EUR is S1 and JPY is W1 on our day traders tables.
- Price has traded through key resistance at 150.00.
- Price could trade to the next levels of resistance at 159.00 and 169.00.
- H4 Chart shows support around 155.00 where buyers could look for entry.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
