In this Daily Trade Watch report, we look for high probability trade setups that we can trade throughout the day. Today, we are focusing on the potential for USD and JPY strength. Particularly, if US Equity Indices begin to falter then JPY strength is certainly on the cards.
EUR
When trading foreign exchange we need to look for weakness. Thus, we are looking at the Euro and the Pound. In a nutshell, we are looking for a break below the recent weekly low of 1.1432 in the EURUSD.
GBP
The equivalent level in the GBPUSD is the recent 1.2919 low. However, if we start to see a stronger JPY than the US dollar then we should look for opportunities to sell the EURJPY below 129.12 and the GBPJPY below 145.81. A break below both of these markets would give us significant high probability opportunities to trade these markets to the downside.
If you have any issues determining which market is the strongest and which is the weakest, you can simply look for the stronger markets between the USD and JPY. Then switch to the EURGBP to establish the weaker of these two markets. That will assist you with attempting to identify strength versus weakness.
Potential for USD and JPY Strength – Full Video Analysis
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