GBPJPY Makes New High : AUDCHF Stops To Breakeven
Wed 1st November 2023 : Daily Forex Strength Analysis
Today we’re looking at Trading Setups in:
- GBPJPY (Primary Focus Pair)
- AUDCHF (Covered In Video)
- GBPCAD (Covered In Video)
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Our Interest (pending order)/Open Interest (live position)
| GBPJPY (Long) | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Alert Set | 183.83 | ||
| Entry Price | If Alert Is Triggered Place A Buy Stop Order Circa 183.90 | ||
| Stop Loss (Min) | 182.90 | -100 Pips | |
| Stop Loss (Max) | |||
| Profit 1 | 186.30 | +240 Pips | 1 : 2.4 |
| Profit 2 |
JPY continues to appear as a weak currency on our live forex strength vs weakness tables.
The USD and GBP appear as strong, this means we can look for long ideas on USDJPY and GBPJPY.
However, we have high impact US data out today and 12.15pm so trading USDJPY could be problematic in the near term.
This brings us on to GBPJPY where price has recently traded higher from the key daily (D1) support of 181.00.
It has also breached a trend line support on the D1 time frame, which formed from the highs on 22nd August 2023.
For further confluence we can see the price is above previous D1 highs at 193.70.
We are now waiting to see if this bullish momentum will continue today, price is currently trading below the 30 minute 50 moving average.
If however price were to break and close above this 30 min time frame 50 moving average, we could look for a continuation of this lower time frame trend.
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Primary Focus Pair Chart:
Technical Observations:
- GBP is S1 and JPY is W2 on the day traders table.
- Price has breached through some key levels of resistance.
- The 30 minute time frame is below the key 50 moving average, a break above would be a bullish sign.
09:00 GMT/BST Forex Strength Vs Weakness Tables:
