20/10/22 Daily Forex Strength Weakness Video

Thurs 20th October 2022

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

• EURCHF
• EURJPY
• EURAUD

Charts Provided by Charles Clifton

Daily Analysis By Jon Kibbler

Could EURJPY Move Higher Before BoJ Intervention?

In today’s video update we focus on three forex pairs. The EURAUD, EURCHF and EURJPY. These pairs will be our focus today as the live forex strength and weakness tables show us that the EUR (S3) on both tables and the JPY (W1), AUD (W2), CHF (W3) on the trend tables.

The top forex pair to watch is EURJPY as the price forms a consolidation after an impulsive phase. The price is trading above the recent highs of 145.50. The next level is 200 pips away from the current price at 149.50. Yesterday’s daily candle close shows a lack of sellers in the market and if this high was to get broken we would expect a move to that key resistance of 149.50. 

We do however need to be cautious with the JPY as the USDJPY price is now trading at the 150.00 level. This could be a level that the Bank of Japan wants to intervene at. This would cause a sharp movement of JPY buying which would see EURJPY move lower. Currently, the Bank of Japan has not intervened and has taken hiking rates off the table.

Technical Observations

• The EUR is S3 on tend table and the JPY is W1.
• Price is currently trading above the key highs of 145.50.
• The BoJ mentions no levels for intervention.
• Next key resistance is 149.50.
• Price is currently consolidating on the daily chart.
• A break above the daily candle highs will invite buyers to trade higher.