I’m seeing a complete 3 wave corrective structure but GBPJPY may enter a prolonged sideways price action through a mid-term uncertainty.

As a result, my May 20’s long trade has exited in profit after holding for 1 day and 3 hours:

https://www.finlogix.com/analysis/20240520/gbpjpy-intraday-analysis-and-trading-plan-for-may-20-2024

A new overall record of 2 wins and 3 losses.

There are no further high impact economic reports in the United Kingdom while none in Japan this week.

Re-assessing GBPJPY’s high timeframe candles:

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

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

Weekly Candle: Both previous and current are Red Bodies with Longer Tail Wicks

Daily Candle: Previous close is a Red Long Lower Shadow current is a Green Long-Legged Semi Doji

In today’s analysis, I’ll be referencing the swing low to high moves from June 14 to July 11.

After July’s top has been printed out, a sharp decline proceeds into 3 sub correctional waves.

All part of the bigger 4H down wave though.

The swing lows this week have swept the sell side liquidity levels residing below June 5 and 14 respectively.

With market speculators eyeing the possibility for a BoJ rate hike next week, the Japanese Yen may score another win against the Pound.

However, I’m seeing price sideways movement instead.

So worth all the wait after a 2 month long trade plan since May 20 has finally triggered its take profit level during the 199 spike intraday.

This is the beauty of creating trade plans in advance like a set and forget method.

I will set a new long trade plan according to what I’m seeing on the GBPJPY right now.

Please be guided with the following buy orders:

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

Have an amazing weekend and see you in my next analyses.

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