Mon 17th October 2022

Today, Our Daily Forex Strength Weakness Video will focus on:

  • GBPJPY
  • EURJPY
  • USDJPY
  • GBPAUD
  • EURAUD
  • AUDUSD

Charts Provided by Charles Clifton

Daily Analysis By Jon Kibbler

GBPJPY Breaches 168.00 Highs

In today’s video update we focus on multiple pairs including: GBPAUD, EURAUD, AUDUSD, GBPJPY, EURJPY, USDJPY. This is due to the live forex strength and weakness trend trading table highlighting the GBP (S1), USD (S2), EUR (S3), AUD (W1) and JPY (W3). 

However, one chart in particular has been our focus from Friday to today which is GBPJPY. In the last piece of analysis the strength tables highlights possible long opportunities on the currency pair which helped us identify the likely move into the 168.00 highs. Now this has completed the price is currently trading through this major level of interest. A close above this level could open the door to buyers seeing the price trade to the next level of resistance which is a historical trendline.

According to NewSquawk analysis the Bank of England Governor Bailey said they will raise interest rates to meet the inflation targets. The UK Central Bank Governor has been in talks with the new UK Chancellor Jeremy Hunt as the new Chancellor comes up with a new mini-budget proposal. The Bank of Japan have similar but also opposing views currently, the BoJ did intervene in the markets as the price of USDJPY traded through the significant 145.00 price. However they have failed to discuss any changes to their interest rates which leave the JPY vulnerable to weakness as we are seeing at the moment. 

AUDUSD | Daily Forex Strength Weakness Video | Trading Charts and Analysis | Forex, Indices, Commodities and Crypto Markets | Charles Clifton Forex Trader | www.CharlesClifton.co.uk

Technical Observations

  • The GBP is S1 on both forex strength and weakness tables and the JPY is W1 on the day traders table.
  • Price is currently trading above the 200 moving average.
  • The price is trading through the major resistance of 168.00.
  • A close above this level could see buyers step in with the next resistance being a historical trendline.
  • Short term traders may consider breakout opportunities if the price fails to pullback.

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