The minimum 155 target level I called last April 12 for USDJPY has been hit today. Will the price go up again?

After holding for 4 days and 13 hours, the previous trade plan has ended in another profit:

https://www.finlogix.com/analysis/20240412/usdjpy-intraday-analysis-and-trading-plan-for-april-12-2024

Won back to back with an overall record of 2 wins and 2 losses respectively.

Join me as I share a new analysis for the USDJPY pair.

While there is no Japanese economic report this week, the market is expecting 3 major US data on Thursday and Friday.

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

If we just assume that the Japanese Yen’s only attempt to counter against a stronger US Dollar is finished during last week’s dip, then USDJPY can continue its uptrend year.

As I mentioned last time, the 155-160 levels have indeed triggered a Japanese Government intervention.

On the 4H chart, we can see that the 4H 100-SMA is holding the price while the nearby 50-SMA acting as a resistance and the 200-SMA as a support.

A choppy range through this range is expected.

The USDJPY is still navigating in a 4H discount array based on the volatile range from 160.20 down to 151.80.

While the 38.20% fib is still holding up, I like to open a new long position from this retracement level targeting a 2 to 1 risk reward ratio.

I like to target the bearish 4H above where the minimum premium 61.80% fib is residing.

I like to capitalize a USDJPY pullback for now.

Let’s see how this new long trade plan goes and good luck.

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 May 8, 2024

May 08 2024

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