MARKET OUTLOOK 2 Q3 2023
CROSS JPY PAIRS
As we cross into the second half of 2023, we have updated the market outlook with cross JPY pairs bullish in the short term and bearish in the long term. Later on, we will update our outlook as more setups present themselves.
GBPJPY LONG
On the monthly time frame, we have a bullish correction targeting the 180 price handle. On the same time frame, the pair seems to be in consolidation. While our outlook is bullish in the short term, we are anticipating a shift in the market structure once the pair mitigates the 180 price handle. Once setups are confirmed, we will post them.
CHFJPY SHORT
Unlike GBPJPY, the CHFJPY on the 4-hour is printing a bearish order flow. We have a rather weak bearish view of this pair. That will change if the pair breaks the new low on the 4-hour timeframe and the daily low.
CADJPY LONG
Similar to GBPJPY, the outlook is a bullish correction in the short term targeting the 108 price handle. On the daily timeframe, we have a confirmed change of character that shifted the market from bullish to bearish. Once the bullish correction hits our point of interest, we will look for long-term sell orders.
USDJPY LONG
Similar to GBPJPY, the outlook is a bullish correction in the short term targeting the 145 price handle. On the daily timeframe, we have a confirmed change of character that shifted the market from bullish to bearish. Once the bullish correction hits our point of interest, we will look for long-term sell orders targeting 128 price handles.
 AUDCHF LONG
Following the unexpected rate hike by the Royal Bank of Australia (RBA), the Australian dollar is enjoying strong bullish momentum though it’s a correction in a larger bearish trend. Further, a general weakening of the Swiss franc across major pairs fuels this bullish correction targeting the 0.62 region. Presently, we are awaiting a change of character on the daily timeframe and then a minor bearish correction as buy orders are picked at the 0.58-0.59 price handles. Our targeted exit is the 0.62 region.
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