GBPJPY Intraday Analysis and Trading Plan For February 22, 2024
Rafael Ken Aguilar
GBPJPY·
Feb 22 2024
Stop Loss -2.08%
Holding time 36d11hr
192.790
Entry price
196.802
Stop loss price
1
To end my Finlogix analyses this Thursday, I am updating GBPJPY.
Upcoming Economic Report
The UK Flash Manufacturing and Services PMIs came out in a split.
Intraday Analysis
Yesterday’s GBPJPY trade plan resulted in a stop loss:
https://www.finlogix.com/analysis/20240221/gbpjpy-intraday-analysis-and-trading-plan-for-february-21-2024
Re-assessing GBPJPY’s high timeframe candles:
Yearly Candle: Growing Green Body
Monthly Candle: Growing Green Body
Weekly Candle: Last check was a Green Long Upper Shadow now Green Body
Daily Candle: Yesterday’s close was a Green Body current is a Green Long Upper Shadow with ½ Body Size (At time of writing)
All high timeframes now very bullish. It will be up to the monthly or weekly closing if there will be signs of correction!
I still maintain what I have said yesterday that if the current weekly candle close in red next week will confirm the correction.
Possible week’s upper range may go higher as there is a lot of aggressive buyers in GBPJPY right now.
Price is trading completely above the 3 simple moving averages and too early to say for bulls’ exhaustion.
Trade Plan
Assessing how bullish GBPJPY is, I still have a chance to set an optimal short entry.
Let’s see if price over extends towards the 452-week resistance awaits. BOJ is definitely watching and ever ready to intervene anytime!
We can see series of break-away 4H FVGs in the chart that can propel higher price levels.
Base on these claims, these are my updated short entries:
Sell Entry: 192.789
Stop Loss: 196.825
Take Profit: 180.738
Risk to Reward Ratio: 3.0
Conclusion
Adjusted a greater take profit. Yesterday’s swing trade plan has immediately ended in a stop loss beyond my expectation.
I have adjusted a higher sell order entry this time for minimal risk.
Till then, I keep on waiting for the incoming big down move.
GBPJPY at 200 above will immediately make BOJ intervene!
Have an amazing Thursday.
See you on my next analysis.
Trading involves risk.