The USDJPY has successfully broken a 3-year resistance and is hovering at new multi-year highs never seen since 1990.

My March 22 trade plan has exited in a take profit and ended my previous 2 losing streak:

https://www.finlogix.com/analysis/20240322/usdjpy-intraday-analysis-and-trading-plan-for-march-22-2024

While there is no Japanese economic report this week, the market is expecting 1 more US major data due this evening.

Re-assessing USDJPY’s high timeframe candles:

Yearly Candle: Still an Imperfect Green Marubozu since last check

Monthly Candle: Previous close is a Green Long Lower Shadow current is a Green Body with a Longer Tail Wick

Weekly Candle: Previous close is a Small Green Spinning Top current is a Green Body

Daily Candle: Both previous close and current are in Green Long Lower Shadow

With the sticky and persistent upbeat in the US inflation through a stronger March CPI data, we are yet to see a Japanese Government intervention hence the USDJPY bound to go higher soon.

After a convincing Wednesday rally aided by a strong March US CPI report, for 2 days, including intraday, the USDJPY is slowly climbing higher and is yet to stop!

This is shown through a consecutive 2 green long lower shadow daily candles.

The 155-160 levels look promising but these can trigger a Japanese Government intervention. We’ll see.

With the  3-year resistance broken already and the 146-147 and 150-151 levels have solidified as mid-term supports, the 152 is the current short-term support level to be tested on possible pullbacks.

Both investors and traders’ hope for the Fed to cut rates have faded and if September will be the speculative month of easing borrowing rates, there’s plenty of time for the US dollar to go higher against the Yen.

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

It will be a foolish idea to open a long position at current market price even though the Forex pair has a clear upward path.

Still sitting in strong premium levels where there are already short selling attempts.

I like to buy a possible pullback towards the nearest 4H bullish FVG shown in the chart above with these new long orders:

The USDJPY has made an uptrend continuation after sustaining the previous 150-152 consolidative range.

Current price structure is bound for some pullbacks and just to be safe, better to wait for them.

Greedily speaking, if what I’m seeing is right, I’m targeting a minimum 155 higher price discovery range to take profit.

See you next week and have an amazing weekend.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

USDJPY Intraday Analysis and Trading Plan For April 12, 2024

Apr 12 2024

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