To start today’s Finlogix analyses, I will start with the USDJPY.

After holding for 20 days and 3 hours, my previous trade plan has ended in a stop loss:

https://www.finlogix.com/analysis/20240215/usdjpy-intraday-analysis-and-trading-plan-for-february-15-2024

USDJPY lost the 149 level after the remarks of Fed’s Chairman came out.

4 out of 9 US major economic reports came out already. 5 remaining including Unemployment Claims and another speech from the Fed Chair tonight. Markets’ volatility remain elevated till Friday.

Re-assessing USDJPY’s high timeframe candles:

Yearly Candle: Last check is a Small Red Long Legged Doji now a Green Shaven Bottom

Monthly Candle: Previous close is a Green Body with Equal Head and Tail Wicks current is a Red Shaven Bottom

Weekly Candle: Previous close is a Red Long Lower Shadow current is a Red Body with Head Wick and no Tail Wick

Daily Candle: Previous close is a Red Body with Longer Tail Wick current is a Red Body with a Short Head Wick

The yearly candle fails to re-test the 151 level at least. I think the top is already in for the USDJPY this year. There’s a monthly double top formation already, an ugly bearish weekly candle and an uglier intraday candle.

The Greenback is heavily sold after the Fed Chair Powell delivered his first speech. For the remainder of the week, I expect the USDJPY will find support on 147.80 levels.

Based on current situation in the 4H charts, we can see a bear cross that empowers the selling pressure and if price cannot reclaim the 4H 200-SMA, will extend the drop towards 147.80 with the sellers’ intention to seek sell side liquidity under the lows of February 2 and 7 swing lows.

The bear cross move has also formed a new bearish 4H FVG.

For a safer sell position, if the USDJPY wants to go lower it’s better to wait for another attempt towards this FVG first then setting up the stop loss above the gap for a complete retracement.

The take profit target is under mentioned lows for February 2 and 7.

I’m going to short USDJPY this time with the following entries:

Price is approaching towards the discount array in line on the bullish FVG awaiting to be re-tested. Remember this bullish FVG has sent USDJPY higher and can be the good buy back area.

With a risk:reward score of 4.42, this trade will be paid handsomely with what I see is true.

USDJPY Intraday Analysis and Trading Plan For March 7, 2024

Mar 07 2024

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