JPY Currency Pairs are so popular among traders. Many of them are stable and liquid and are suitable for trading. Before you read the article below, you need to do two things if you are new here or new to trading. First, please read the below articles to learn what currency pairs are and how they work:
- Currency Pairs Explained for Retail Traders
- Currency Pairs Correlation in Forex Market: Cross Currency Pairs
- What Is the Best Currency Pair to Trade?
- What Are the Most Trending Currency Pairs?
- Exotic Currency Pairs and Why It Is Better to Avoid Them
- Top Traded Currency Pairs: What Are the Most Traded Currencies?
Before talking about the JPY Currency Pairs, I have analyzed EUR/USD and USD/CHF in this video.
EUR/USD has formed a resistance level at 1.19152, while USD/CHF has formed a support level at 0.90494. Both of these currency pairs have to break through these levels in order to continue the uptrend and downtrend respectively. I have talked about these two levels in this video. I have explained that these levels are not too strong and important, and they are small local levels, but in order to continue the trends, they have to become broken:
In case of EUR/USD, the 1.19152 resistance level breakout is the introduction of the resistance line breakout on the monthly chart:
Now, let’s talks about the JPY Currency Pairs.
JPY Currency Pairs
The first one is CHF/JPY:
Click Here to watch the video of this part that starts from 03:53. Please like the video 🙂
CHF/JPY has been moving sideways almost since 4 years ago. Now, CHF/JPY is going up to test the resistance level of this sideways market. In my next article and video, I will talk about using Fibonacci Levels to see where this market will go, if it breaks above this level, and why the resistance level is there:
Click Here to watch the video of this part that starts from 05:10. Please like the video 🙂
There is a resistance level here as well. It is more visible and tangible on the weekly time frame:
There is a too strong long trade setup on AUD/JPY monthly time frame, that can move AUD/JPY price up even for years. However, to continue the upward movement that has been started after this long trade setup, first the above resistance level has to become broken.
Click Here to watch the video of this part that starts from 06:35. Please like the video 🙂
NZD/JPY doesn’t look like the other two JPY currency pairs I talked about above. The only similarity is that there is a strong long trade setup in this case too. But there is no resistance level. In spite of this, there is a resistance line that looks valid. I think NZD/JPY will go down and from another low that most probably will be higher than the last lowest low:
Click Here to watch the video of this part that starts from 07:11. Please like the video 🙂
GBP/JPY is almost at the lowest low on the monthly frame. Therefore, it is normal to have a strong tendency to go up:
There is a resistance line about 480 pips above the current market price:
Now the best part of the GBP/JPY is that there is a resistance level on the daily chart, that if it becomes broken, this market will go up to test the weekly resistance line you see on the above chart. The current daily candlestick is going up to test the resistance level:
This is was short report about four of the most important JPY currency pairs.