All I can see for the USDJPY now is that there's a high probability for an upside move or even a strong breakout above the 160 resistance level before the next major price correction.

With a holding time of 6 days and 4 hours, my May 17 short trade has exited in a loss:

https://www.finlogix.com/analysis/20240517/usdjpy-intraday-analysis-and-trading-plan-for-may-17-2024

A new overall record of 2 wins and 4 losses respectively.

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

There is 1 high impact economic report left in the US to finish the week while none in Japan.

Re-assessing USDJPY’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 Red Semi-Dragonfly Doji

Weekly Candle: Previous close is a Red Long-Legged Doj current is a Green Body with a Longer Head Wick

Daily Candle: Previous close is a Green Long-Legged Spinning Top current is a Green Shaven Bottom

After upticks in the US Unemployment Claims and Flash Manufacturing and Services PMIs, the USDJPY has broken the 4H symmetrical triangle pattern to the upside with the price current slowly moving up beyond it.

However, the 4H bearish FVG has not yet been fully retraced as the currency markets heading to the weekend.

We can also see that the symmetrical triangle mentioned in my previous analysis has been broken and backtested into a new support layer with the bulls intending to challenge and clear the Japanese Government intervention’s scam wick.

Since the previous 4H candle has closed in red, this formed a connecting new higher high trendline that has countered the symmetrical triangle’s LH TL.

In conjunctional theory, the USDJPY looks like playing out an ascending wedge or channel that is bearish by default but this one can be manipulated because of the scam wick.

It was good that my previous short trade plan’s stop loss was immediately caught because I can get more punishments soon.

I’ve laid out a bullish scenario above but I won’t buy into it. Instead, I’m shorting USDJPY upon its 160 breakout!

I’m putting a minimal 50-pip stop loss only while targeting a take profit with 4 to 1 risk to reward score.

Here are the shorting details to play this out:

I’m willing to wait for this trade plan to be activated.

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 24, 2024

May 24 2024

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