The AUDJPY bulls have continued running down against buy side liquidity levels after the previous ascending triangle pattern was broken to the upside.

As a result, my June 24’s long trade has exited in profit after holding for 13 days and 14 hours:.

https://www.finlogix.com/analysis/20240624/audjpy-intraday-analysis-and-trading-plan-for-june-24-2024

With a new even record of 1 win and 1 loss.

Join me as I share my only analysis for the day.

There are no high impact economic reports both in Australia and Japan this week.

Re-assessing AUDJPY’s high timeframe candles:

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

Monthly Candle: Previous close is a Green Body with a Longer Tail Wick current is a Green Body with a Longer Head Wick

Weekly Candle: Both previous and current are Green Bodies with Longer Head Wicks

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

In today’s analysis, I continue to use the May 28-29 swing high to June 4 swing low move as the retracement points of view.

Now that AUDJPY has breached and is trading above the mentioned 2.618 fib extension level in my previous analysis, I’m looking for another leg up towards the 3.618 fib extension level where the 110.60 level awaits.

The buy side liquidity run-off continues as a result of the ascending triangle pattern won by the AUDJPY bulls.

This bullish pattern is the result of the complete breakout above the April 28-29 scam wick flat highs.

Additionally, the liquidity run depicts a very strong yet aggressive up wave.

However, this up wave is prone for correction before the next leg up move.

For now, I will open a short position in case the up wave/liquidity running extends further.

It will be risky to enter a long position for the price can fall off anytime.

I’m not saying I’m bearish but I just want to capitalize on the short-term peak pullback.

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.

Copy trading and trading directly involve risks.

AUDJPY Intraday Analysis and Trading Plan For July 10, 2024

Jul 10 2024

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