To end my Finlogix analyses this Wednesday, I’m sharing a trade plan for the USDJPY.

You can read the recap of my last trade some time ago: 

https://www.finlogix.com/analysis/20220914/usdjpys-latest-shorts-squeezing

I’m speculating for a stronger US Dollar once the Unemployment Figures is released hours from now.

Here’s the USDJPY’s high timeframe candle formations:

Yearly Candle: Green Body With No Tail Wick

Daily Candle: Yesterday’s close is a Red Hammer current is a Red Body

The yearly and monthly candles remain bullish while the weekly and daily candles showing pullbacks as sign of price corrections.

Once the consolidation phase is finished according to the 4H charts, there will be another push up move.

There’s also a bullish 4H FVG that needs to hold as support levels aligning my theory.

My trade plan is actually a simple strategy, setting up a long position within the middle territory of the bullish 4H FVG aiming a take profit target towards the 3-year trendline resistance.

In case the FVG is completely retraced, I placed the stop loss order below the February 13 swing low with a risk to reward ratio of 2.71.

As long as the Greenback is bid and the macro-economic data continues to support a strong US Dollar, USDJPY will bound to the upside.

Still long way to go before we can see the first Fed rate cuts this year after the recent CPI inflation reports.

USDJPY Intraday Analysis and Trading Plan For February 15, 2024

Feb 15 2024

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