65+ Pips Up On CADJPY
But What About EURJPY?
Tues 27th June 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- EURJPY (Primary Focus Pair)
- CADJPY (Covered In Video)
- AUDCHF (Covered In Video)
- AUDCAD (Covered In Video)
Primary Focus Pair: Trade Plan & Details
| EURJPY Long | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Entry Price | 156.65 | ||
| Stop Loss (Min) | |||
| Stop Loss (Max) | 155.65 | -100 Pips | |
| Profit 1 | 158.90 | +225 Pips | 1: 2.25 |
| Profit 2 |
Details:
EUR has appeared on our day traders table at S3, giving us some idea that strength could be returning.
We do however have to be careful with a currency that appears as S3 or W3 as they are on the edge of slipping lower again.
That being said, EUR is still stronger than the JPY which is now at W2.
We did feature EURJPY previously on 22nd June and pointed out that we could be looking for longs from support at 155.40.
If you followed through with this analysis, you would be up over 200+ pips currently.
For those not in the position, EURJPY has recently formed new highs after trading through 157.00.
This could offer alternative entries as we continue to look to target 159.00.
Traders could look for a pullback into the previous highs, this holds confluence with the 50 moving average and a short term trend line.
Technical Observations:
- EUR is S3 and JPY is W2 on our day traders tables.
- Price is in a bullish trend, with price making new highs above 157.00.
- If price falls continues higher it could target the 159.00 resistance.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
