The AUDJPY bulls are still controlling the momentum after turning April 28’s order block into a support. The 105 is at hand!

To end today’s Finlogix analyses, I am including the AUDJPY in my long list of cross pairs.

Both Australia and Japan have no high impact economic reports this week.

Assessing AUDJPY’s high timeframe candles:

Monthly Candle: Previous close is a Green Long Upper Shadow with a Big Body current is a Green Hammer

Weekly Candle: Previous close is a Green Body current is a Red Doji

Daily Candle: Previous close is a Red Spinning Top current is a Green Hammer

While the AUDJPY’s long-term is still enjoying a bullish voyage, we need to see what's happening in the regular trading sessions.

Based on the 4H chart above, it looks like the AUDJPY buyers are ready to challenge trade April 28-29’s dramatic intervention scam wick!

Let's glue our eyes in this area only where traders are interested at the moment so including the April 27 order block, this will be our discount and premium arrays as well as the retracement extension levels only (upside bias).

I am speculating a breakout above the 105 resistance level before the correctional drop.

I will not buy at the current setup even if I’ve laid out a bullish scenario.

Instead, I’m putting a short position limit sell order 50-pips above the 105 resistance mark with the same number of stop loss pips and a 3 to 1 RRR take profit target.

I’m willing to wait and I don’t mind if the AUDJPY breaks out any time soon.

I’m looking to sell setups only and this is what I like to play out for now.

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

Copy trading and trading directly involve risks.

AUDJPY Intraday Analysis and Trading Plan For May 23, 2024

May 23 2024

Stop Loss -0.47%

Holding time 1d14hr

105.500

Entry price

106.000

Stop loss price

1