Good recovery run for the GBPJPY trading back above the 195 level. Can the bulls hold this rally for another push up move?

After holding for just 2 hours, my May 2 long trade has exited in another loss:

https://www.finlogix.com/analysis/20240502/gbpjpy-intraday-analysis-and-trading-plan-for-may-2-2024

Join me as I update a new analysis and trade plan for GBPJPY.

There is one upcoming major impact data release for the United Kingdom on Tuesday while none in Japan.

Re-assessing GBPJPY’s high timeframe candles:

Yearly Candle: Still a Green Body with a Longer Head Wick since last check

Monthly Candle: Still a Red Long Lower Shadow since last check

Weekly Candle: Previous close is a Green Body with a Slightly Longer Head Wick current is Developing a Small Green Body

Daily Candle: Both previous close and current are Green Spinning Top

All cross pairs trading with the Japanese Yen have rebounded after back to back months of high price volatility.

GBPJPY’s intraweek opening has surpassed last week’s high as our swing high point.

This is an early sign that the GBPJPY might move higher targeting the recent internal resistances as early as the 197 level if the swing low earlier is the low for this week.

A backtest confirmation on this low through the faster timeframes is needed for another moving up.

On the daily view, we can see 6 consecutive candles in green.

However, if the 4H bearish FVG indicated above gets respected by a price rejection on that area, then this upwave shown in the 6-day green streak will result in a price drop.

Like my past calls, there was nothing wrong with my previous GBPJPY long trade.

It’s just that the cross pair’s volatility has striked out my position first before it becomes a winning one if it’s still active now.

Remember we are traders not gamblers so we follow our trading plan until the end of its outcome.

I am still a buyer for the potential pullbacks at current consolidative levels. These are the following new buy orders:

Same play like the previous having a 1 to 2 risk to reward score.

GBPJPY Intraday Analysis and Trading Plan For May 13, 2024

May 13 2024

Take Profit +1.03%

Holding time 1d0hr

195.197

Entry price

197.201

Take profit price

1