GBPJPY’s green streak extends to 11 trading days after its 4H bearish FVG mentioned in my May 13 analysis has been completely retraced!

As a result my previous long call has finally exited in a profit after holding for just 1 day:

https://www.finlogix.com/analysis/20240513/gbpjpy-intraday-analysis-and-trading-plan-for-may-13-2024

A new overall record of 1 win and 3 losses.

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

There are 5 upcoming major impact data releases for the United Kingdom this week 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: Last check is a Red Long Lower Shadow now a Green Long Lower Shadow

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

Daily Candle: Previous close is a Green Body with a Longer Head Wick current is Developing a Green Shaven Bottom

Good pullback last May 15 after the GBPJPY bulls were able to completely retraced the bearish 4H FVG!

We can also see that the April 30 to May 1 external resistances were flipped into a support in this week’s opening rally after Friday’s pullback.

All I can say now is that from here the bulls are threatening to retest the 199-200 resistance levels once again.

Although we can expect that the Japanese Government for sure is watching closely for another intervention drama.

I can see a clear swing of low and high reference points from the 200.50 down to 191.40 levels.

Buyers are in much control even though we can have a new swing high area near the 198 level.

Current price is in a premium zone but to be safe, I like to open a new long position back the recently flipped S/R FVG area where the 4H 50-SMA support awaits.

These are the following new buy orders to follow:

This time I played out a 3 to 1 RRR and I’m happy to adjust the next trade to a buy position.

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

Copy trading and trading directly involve risks.

GBPJPY Intraday Analysis and Trading Plan For May 20, 2024

May 20 2024

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