The AUDJPY bulls have completely retraced the dramatic intervention scam wick created on April 28-29 which successfully nullified my 105 short call last May 23.

As a result, my May 23’s short trade has exited in a loss after holding for 1day and 14 hours:.

https://www.finlogix.com/analysis/20240523/audjpy-intraday-analysis-and-trading-plan-for-may-23-2024

Australia is set to have 1 high impact economic report this coming Wednesday while there is none in Japan.

Re-assessing AUDJPY’s high timeframe candles:

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

Monthly Candle: Previous close is a Green Long Lower Shadow current is a Green Hammer

Weekly Candle: Previous close is a Green Body with a Longer Tail Wick current is a Green Hammer

Daily Candle: Previous close is a Green Body with a Longer Tail Wick current is a Green Long Lower Shadow

Note: I’m using Tradingview.com under the AUDJPY pair in FXCM Exchange to thoroughly re-assess these high timeframe candles.

In today’s analysis, the May 28-29 swing high to June 4 swing low move are my retracement points of view.

These retracements have an obvious target to seek the buy side liquidity levels that reside above the local May 28-29 peak and the external April 28-29 resistance which is successful.

The drop in June 4 has further validated a bullish order block as far as May 1-2 top which in return helped in creating a new buy side liquidity run-off that can potentially target the 2.618 fib extension level from the said retracement points of view.

However, a re-test and breakdown from last Friday’s lows suggest a price correction.

Based on the current price structure, I will change my instance to a buyer.

I will set a breakout long trade position aiming to take profit target towards the mentioned 2.618 fib extension level with a stop loss set a few points below last Friday’s lows.

Note: Different liquidity providers may have set their prices differently compared to Finlogix. Adjust accordingly.

After the complete annihilation of the scam wick, I’ll be focusing on buying setups only.

Let’s see how this one goes and best of luck.

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 June 24, 2024

Jun 24 2024

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