To end my Finlogix analyses this Thursday, I am updating GBPJPY.

The UK Flash Manufacturing and Services PMIs came out in a split.

Yesterday’s GBPJPY trade plan resulted in a stop loss:

https://www.finlogix.com/analysis/20240221/gbpjpy-intraday-analysis-and-trading-plan-for-february-21-2024

Re-assessing GBPJPY’s high timeframe candles:

Weekly Candle: Last check was a Green Long Upper Shadow now Green Body

Daily Candle: Yesterday’s close was a Green Body current is a Green Long Upper Shadow with ½ Body Size (At time of writing)

All high timeframes now very bullish. It will be up to the monthly or weekly closing if there will be signs of correction!

I still maintain what I have said yesterday that if the current weekly candle close in red next week will confirm the correction.

Possible week’s upper range may go higher as there is a lot of aggressive buyers in GBPJPY right now.

Price is trading completely above the 3 simple moving averages and too early to say for bulls’ exhaustion.

Assessing how bullish GBPJPY is, I still have a chance to set an optimal short entry.

Let’s see if price over extends towards the 452-week resistance awaits. BOJ is definitely watching and ever ready to intervene anytime!

We can see series of break-away 4H FVGs in the chart that can propel higher price levels.

Base on these claims, these are my updated short entries:

Adjusted a greater take profit. Yesterday’s swing trade plan has immediately ended in a stop loss beyond my expectation.

I have adjusted a higher sell order entry this time for minimal risk.

Till then, I keep on waiting for the incoming big down move. 

GBPJPY at 200 above will immediately make BOJ intervene!