As predicted in my May 24 analysis for a strong breakout above the 160 resistance level, USDJPY will have a major price correction soon!

As a result, my May 24’s short trade plan has exited in another loss with a holding time of 3 days and 13 hours:

https://www.finlogix.com/analysis/20240524/usdjpy-intraday-analysis-and-trading-plan-for-may-24-2024

A new overall record of 2 wins and 5 losses respectively.

The US is set to have 9 remaining high impact economic reports starting tonight with key highlights on Fed Chair Powell’s speech while none in Japan.

Re-assessing USDJPY’s high timeframe candles:

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

Monthly Candle: Previous close is a Green Long Lower Shadow with a Big Body current is a Green Shaven Bottom

Weekly Candle: Previous close is a Green Long Lower Shadow current is a Green Shaven Bottom

Daily Candle: Previous close is a Green Shaven Bottom current is a Green Inverted Hammer

The USDJPY bulls are not stopping just yet with a very strong Green Marubozu 2024 yearly candle!

For now, the 160 level from the dramatic Japanese Government intervention scam wick on April 28-29 is currently a flipped support area in which immediate bids are found.

The 4H 50-SMA also gives confluence on this level.

However, I’m bearish for the USDJPY but on a short term basis only as the yearly candle is totally overwhelming.

If bearish momentum takes over soon, I’m seeing the 162-163 range to be hit first before a critical price correction occurs.

So I was right to see breakout above the 160 level but I have shorted a little too early.

I should have long from the 157 level at least and I could have amassed swing breakout profits.

All good, we learn some good insights from that failed attempt.

My next trade plan is to short again at the 162 level with an affordable stop loss at 163 and an adjusted take profit at 158.

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

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

USDJPY Intraday Analysis and Trading Plan For July 2, 2024

Jul 02 2024

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