USDJPY Rally Continues Above 134.50

Tues 21st February 2023 : Daily Currency Strength Analysis

In Today’s Video we’re looking at Trading Setups in:

• USDJPY
• NZDUSD (Covered in Video)
• EURJPY (Covered in Video)

USDJPY Rally Continues Above 134.50

In today’s forex strength video we identified that the Japanese Yen (JPY) remains one of the weakest currencies.

The United States Dollar (USD) remains top of both tables as the strongest currency. 

USDJPY price has come into the key highs around 134.50.

If price trades above this level it could see buyers target the next resistance levels.

Resistance can be found at the daily 200 moving average or the highs or 138.00.

Trend traders may want to wait for price to either retrace to previous support at 133.00 or wait for a break and retest of 134.50.

Day traders could look for buys at the 134.50 targeting recently formed highs on Friday. 

Technical Observations

• The USD is S1 and JPY is W2 on the day traders table.
• Price has traded into the resistance of 134.50.
• A break out higher of this level will offer further buying opportunities.
• Traders long will look to target the daily 200 moving average or 138.00.
• Minor support is held at 133.00 where price traded through minor highs.
• This could offer a support for traders looking to buy this pair. 
• Day traders could consider the 134.50 as support targeting recently formed highs.