JPY Exits The Day Traders Tables.
Time To Wait ?
Wed 5th July 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- NZDJPY (Primary Focus Pair)
- NZDCAD (Covered In Video)
- GBPJPY (Covered In Video)
Primary Focus Pair: Trade Plan & Details
| NZDJPY Long | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Entry Price | 89.06 | ||
| Stop Loss (Min) | |||
| Stop Loss (Max) | 88.16 | -90 pips | |
| Profit 1 | |||
| Profit 2 | 90.85 | +180 pips | 1 : 2 |
Details:
NZDJPY remains our pair in focus despite the JPY exiting the day traders tables for the first time since June 7th.
But is this just a short term pullback in the JPY markets or a complete reversal?
Looking at NZDJPY it is safe to say this could be just a short term pullback, which is needed in order for us to find a safe entry.
In yesterday’s blog post we outlined a potential long opportunity which we have left in, considering this could be a pullback.
NZD remains a strong currency and could continue to remain that way.
If so we would want to trade NZDJPY long if JPY returned back to the weak side of our day traders table.
If however, circumstances changed, where we see JPY appear on the strong side of the day traders table alongside NZD, then we would manually close the position.
From a technical point of view NZDJPY hasn’t changed, 89.00 prior 4hr and daily highs remain a point of interest.
Resistance of 91.00 will be our targets for any long ideas.
Technical Observations:
- NZD is still S1 on the day traders tables.
- Price is bullish trading through resistance at 88.00.
- Price on the weekly chart is in a bullish channel.
- Buyers could target 91.00, 2015 highs.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
