NZDJPY’s latest 4H ascending channel has failed after yesterday’s mentioned bearish FVG managed to hold. With a new addition of a bearish FVG, price is threatened to go lower more.

As a result, yesterday’s long attempt has ended in a loss after holding the trade for 5 hours only:

https://www.finlogix.com/analysis/20240711/nzdjpy-intraday-analysis-and-trading-plan-for-july-11-2024

A new overall record of 0-1 win-loss record.

There are no high impact economic reports both in New Zealand and Japan this Friday.

Re-assessing NZDJPY’s high timeframe candles:

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

Monthly Candle: Last check is a Green Long Upper Shadow with a Medium Body current is a Red Long-Legged Spinning Top

Weekly Candle: Last check is a Red Long-Legged Semi Doji now a Red Body with a Longer Tail Wick

Daily Candle: Previous close is a Red Body with a Longer Head Wick current is a Green Hammer

In today’s analysis, I’m referencing a new set of retracement points which are the July 10-12  swing high to swing low moves after a sharp downturn seen yesterday.

There are now 2 4H bearish FVGs drawn above that may aid NZDJPY’s price correction continuation.

Current 4H candle is trying to rally and break above the 97.20 barrier and while looking bullish on the daily through a Green Hammer pattern, I’m keen to observe for price reactions on the combined bearish FVGs.

However, the weekly candle is already showing signs of ranging and from here I speculate 2 possible price actions which are:

Unless the NZDJPY bulls miraculously end the week above 99 then that will nullify these situations.

In today’s trade plan, I’m going for a short position through the nearer 4H bearish FVG’s midpoint area where the 100-SMA coincides.

The stop loss is set at the 99 level plus 20 pips while taking profit towards the 1.618 fib extension level using the retracement points’ bearish reference.

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

Let’s see how this one goes and good luck.

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

Copy trading and trading directly involve risks.

NZDJPY Intraday Analysis and Trading Plan For July 12, 2024

Jul 12 2024

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