After softer US CPI figures and a dovish Fed statement this week, the USDJPY has rebounded from a 153.60 drop.

With a holding time of 12 hours only, my May 8 long trade has exited in a loss:

https://www.finlogix.com/analysis/20240508/usdjpy-intraday-analysis-and-trading-plan-for-may-8-2024

A new overall record of 2 wins and 3 losses respectively.

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

There are no further high impact economic reports in Japan and the US this Friday.

Re-assessing USDJPY’s high timeframe candles:

Yearly Candle: Last check is an Imperfect Green Marubozu now a Green Body with a Longer Head Wick

Monthly Candle: Last check is a Green Body with a Longer Tail Wick now a Red Long Lower Shadow

Weekly Candle: Previous close is a Green Body current is a Green Semi Long-Legged Doji

Daily Candle: Previous close is a Green Long Lower Shadow current is a Green Body

A symmetrical triangle is forming on the 4H with both lowering high and highering low minus the Japanese government intervention's scam wick.

I’ve indicated a bearish 4H FVG in which the recent swing high before the CPI figures and dovish Fed statement came out has helped form the LH trendline.

At time of writing this analysis, the USDJPY bulls are rallying up to re-test both the bearish FVG and the potential swing high near the LH trendline.

I should have adjusted a deeper stop loss and my May 8 long trade could have been alive.

But I am happy to take the loss after a back-to-back win streak.

Based on the current structure that I’m seeing, I will short the USDJPY right now with a stop loss above the previous swing high and taking profit through the recent price rebound at 153.60’s re-test.

Either way can occur, a breakout and a next drop.

Here’s the short orders to play this scenario:

I’m changing my instance to a USDJPY seller for now.

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

See you next week and have a great weekend ahead.

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 17, 2024

May 17 2024

Stop Loss -0.71%

Holding time 6d4hr

155.900

Entry price

157.003

Stop loss price

1