GBPJPY Eyes 156.00 Support
Fri 3rd February 2023 : Daily Currency Strength Analysis
In Today’s Video we’re looking at Trading Setups in:
- GBPJPY
GBPJPY Eyes 156.00 Support
In today’s currency strength video we identified that the Great British Pound (GBP) tops both tables as the weakest currency.
The Japanese Yen (JPY) appears on the day traders table as the strongest currency, this means we could see further GBPJPY downside.
Looking at the chart on the daily time frame we can see that the price is trading within a range between the lows of 156.00 and highs of 162.00.
Most recently the price has rejected the range highs, suggesting we could see the price trade to the lows.
The H4 chart shows price making lower highs and lower lows, with the previous lows resting at 159.00.
If the price were to retest these lows and form a bearish setup we could look for a selling opportunity targeting the 156.00 lows.
Technical Observations
- The JPY is S1 and GBP is W1 on the day traders table.
- Price is trading within a range.
- The price is below the daily 200 moving average.
- Recently the price broke down through support of a trendline.
- The market stalled at the 159.00 level before continuing the downward move.
- This level could act as resistance if it were to be retested.
- 156.00 range lows will be good targets for sellers.
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