After holding for 2 days and 11 hours, March 7’s analysis has ended in another loss:

https://www.finlogix.com/analysis/20240307/usdjpy-intraday-analysis-and-trading-plan-for-march-7-2024

The pair has recovered dramatically from where I left.

There is 1 US major economic reports due this evening. 

There are 3 Japanese and 8 US major reports this week.

Even after the BoJ finally ended its negative rates since 2016. Yen cannot withstand a far more stronger US dollar.

Re-assessing USDJPY’s high timeframe candles:

Yearly Candle: Last check is a Green Shaven Bottom now an Imperfect Green Marubozu

Monthly Candle: Last check is a Red Shaven Bottom now a Green Long Lower Shadow

Weekly Candle: Previous close is a Green Body with a Longer Tail Wick current is a Green Body with a Longer Head Wick

Daily Candle: Previous close is a Green Long Lower Shadow current is developing a Small Red Long Upper Shadow

The USDJPY has sparked a new up trend after reclaiming the 150 level and holding the 146-147 support range this month.

The yearly candle has finally succeded in re-testing the 151 level! Looks ready to break its 3-year resistance.

We are witnessing a 3-year resistance re-testing here.

The question now is will the USDJPY bulls able to do it this time?

Yesterday’s candle has frustrated the bears after a strong support reaction on 150 level!

Many have thought including me that the other day’s high is the end of the current daily up wave that has started on a triple bottom last March 8.

I’m tempted to sell the pair which is trying to rally intraday but I think it’s best to wait for a buy confirmation first as the USDJPY is hovering in a very premium array.

Remember that it’s facing a 3-year wall which can be broken or rejected anytime soon! Either way.

I’m not gonna lie too, that USDJPY is in a long term bullish ascending triangle in the presence of a flat 3-year resistance and a higher low trendline formed in 2023 bottom.

I’m going for a risky long USDJPY on pullbacks with the following entries:

I’m looking for buy setups only. This trade plan has a risk:reward score of 2.23, with an entry back to an immediate premium array targeting the 1.618 fib extension level as take profit from yesterday’s swing low and today’s swing high.

The stop loss is also set on yesterday’s swing low.

USDJPY Intraday Analysis and Trading Plan For March 22, 2024

Mar 22 2024

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