In the ever-shifting landscape of global currencies, the Japanese Yen (JPY) has been making significant strides in recent times. Particularly against the British Pound (GBP) and the Swiss Franc (CHF). In addition This article explores the factors driving the JPY's strength against these two European currencies and what it could mean for forex traders and international businesses.

The USDJPY Performance

We have been tracking this pair for some time now, placing buy positions in favor of the dollar. Hitting TP 1 after a big drop in the value of the dollar however managed to find support and bounce back. We are about 30 pips away from Target 2 at a price point 148.682. Traders can start taking their profits. It seems like resistance has kicked in again although we would not want to miss our profits if we see the JPY strengthen.

Please note that this should not be used as advice. Support that can assist clients to make a more informed decision on their own. Risk Management must be applied on a strict basis.

The GBPJPY Performance

Although, we saw another momentum candle close below the price point of 183.056. A short can be executed to target a price point of 180.133. The conservative trader will most probably wait for the price point of 182.536 before entering.

Please note that this should not be used as advice, but support that can assist clients to make a more informed decision on their own.

Risk Management must be applied on a strict basis.

The CHFJPY Performance

The CHF has been pushing up for the entire year against the JPY. Like the other JPY crosses, there seems to be resistance and possible correction on this pair as well. Outer and Inner trendline has been broken signaling that the correction is getting ready to take place. We however wait for an additional sign at support level 164.451 to be broken.

Target 1 is set at a price point of 162.060. Target 2 is set at a price point of 159.497.

Please note that this should not be used as advice, but as support that can assist clients in making a more informed decision on their own. Risk Management must be applied on a strict basis.

Final Thoughts on Today’s Analysis

The Japanese Yen's recent strength against the British Pound and Swiss Franc is driven by a combination of economic stability, interest rate differentials, and global trade dynamics. While this trend offers opportunities for traders and businesses, it also underscores the importance of staying informed and adaptable in the ever-evolving world of foreign exchange markets. Subscribe to our YouTube channel today to learn more.