To end my Finlogix analyses, I am adding GBPJPY in my watch list.

The UK has its own share of Flash Manufacturing and Services PMIs due on Thursday.

I have not made any GBPJPY analysis in the past so it will be a good addition.

Daily Candle: Yesterday’s close was an Inverted Green Hammer current is a Red Long Upper Shadow With a Small Body

Very bullish yearly and monthly candles, yes. But the weekly and daily candles are already showing signs of correction!

If the current weekly candle close in red next week will confirm the correction. For now, price will trade in this week’s range.

It seems I have missed the optimal short entry trade during last week and this week’s highs.

However, GBPJPY’s current price is still sitting in the premium array (valuable) and my bias is that a big drop move incoming, same sell setup bias from USDJPY but I am still bullish for the latter.

BOJ may intervene anytime and I may adjust my USDJPY trade once it happens.

We can notice a series of lower highs on the 4H chart but I am speculating there will be a higher high first before the big drop. Market makers like to give an idea for a move higher. I may be wrong here.

For this Forex cross only, I will have a 7.0 risk:reward score with the following entries:

I am comfortable to give enough time for this trade plan.

If goes accordingly, will be rewarded handsomely with minimal risk.

GBPJPY at 200 will immediately make BOJ intervene!

Anything can happen so keep an eye on this one.

GBPJPY Intraday Analysis and Trading Plan For February 21, 2024

Feb 21 2024

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