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Currency market: EUR/JPY vs GBP/USD, USD/CAD, USD/JPY

Brian Twomey Brian's Investment

USD/JPY

127.73, 127.89, 128.05, 128.17, 128.37, 128.46, 128.54, 128.62, 128.70,128.86, 128.94, 129.03.

For 3 weeks of 24 hour trades, EUR/USD and especially EUR/JPY hit targets perfectly. Written last week and a true statement was EUR/JPY is a neutral currency pair. The factor to neutral EUR/JPY is the relationship to USD/JPY, GBP/USD, USD/CAD.

More importantly, neutral EUR/JPY and relationship to other currency pairs qualifies EUR/JPY as a middle currency along with GBP/USD and AUD/USD as most important middle currencies. Middle as opposed to EUR/USD top and NZD/USD Bottom. Neither EUR/USD nor NZD/USD moved Friday in relations to GBP/USD and AUD/USD at 200 and +100 pips.

The currency pairs, exchange rates and movements are inter related and explains EUR/JPY currently trading normal movements. Subtract the currency names below as EUR/JPY for example and align decimal points, no difference exists to the exchange rate numbers nor would anybody guess which currency pair matched to the correct numbers. Here's where strategy becomes vitally important.

While USD/JPY, GBP/USD and USD/CAD were compared to EUR/JPY, exchange rate numbers for today's day trades are all the same. USD/JPY bottom at 127.73 = EUR/USD 1.0771 and 1.0777 tops.

As we've traded before many times on the fxstreet site, match day trade exchange rate numbers to trades and much profit exists to trade longs and shorts for multiple currency pairs.

Current day trades run to 10:00 am EST and limited time. The 24 hour trades however are solid to run every hour for 24 straight hours and again for multiple longs and shorts per currency pair. The 24 hour trades require shorter price path points as most significant as opposed to day trades by interest rates for 7 hours. Interesting is the inclusion of 24 hour trades to day trades by interest rates. The difference? a few pips. Currently in the vicinity of 20 and 30 pips. As markets settle from current wide range movements then 20 and 30 pips decreases.

Same old story to trades: Pen, paper and calculator only requirement.

USD/CAD

1.2685, 1.2701, 1.2706, 1.2717, 1.2722, 1.2757, 1.2765, 1.2781, 1.2789, 1.2797, 1.2805, 1.2813.

EUR/JPY

136.97, 137.14, 137.19, 137.31, 137.32, 37.74, 137.83, 138.00, 138.08, 138.17, 138.26, 138.35.

GBP/USD

1.2689, 1.2705, 1.2711, 1.2721, 1.2727, 1.2762, 1.2770, 1.2778, 1.2786, 1.2802, 1.2810, 1.2819.

Day trade price path

USD/JPY Bottom 127.73 = GBP/USD 1.2774, EUR/JPY 137.74, USD/CAD 1.2773.

USD/JPY bottom is related to minor points 1.2774, 137.74, 1.2773.

USD/JPY 127.89 = GBP/USD 1.2786, EUR/JPY 137.91, USD/CAD 1.2789.

USD/JPY 127.89 is related to Significant points GBP/USD 1.2786, Minor point EUR/JPY 137.91 and Significant point USD/CAD 1.2789.

USD/JPY 128.05 = GBP/USD 1.2806, EUR/JPY 138.08, USD/CAD 1.2805.

USD/JPY 128.05 is related to GBP/USD significant Point 1.2806, EUR/JPY significant Point 138.08 and most vital USD/CAD top at 1.2813.

USD/JPY 128.17 = GBP/USD 1.2819, EUR/JPY 138.17, USD/CAD 1.2813 USD/JPY 128.17 is related to GBP/USD top 1.2819, EUR/JPY 138.17 significant point and USD/CAD top 1.2813.

The day trade ends here. USD/JPY traded fairly dead over the past 3 days from 127.00 to 129.00. One may understand when viewed from other currency pairs.

Author

Brian Twomey

Brian's Investment

Brian Twomey is an independent trader and a prolific writer on trading, having authored over sixty articles in Technical Analysis of Stocks & Commodities and Investopedia.

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