To end today’s Finlogix analyses, I am also including EURJPY Forex cross pair.

This will be my first overall. Stay to the end to know more.

Both Europe and Japan have no major economic reports this week.

Assessing EURJPY’s high timeframe candles:

Yearly Candle: Green Body with Longer Head Wick

Weekly Candle: Green Body with a Longer Tail Wick

EURGBP is in a 4-year uptrend after a yearly double bottom occurred in 2019 and 2020.

2024’s high has not surpassed last year’s high therefore it is safe to assume that a new long term resistance has been found already.

March candle is a long legged Red Doji suggesting equal forces among buyers and sellers alike.

The current weekly candle is trying to rally but seems caught off short from February’s lows acting as immediate resistance.

On the daily, we can see that the price is navigating from last week’s support levels into a resistance press time.

Buyers will need a lot of momentum to break this BoS (break-of-structure) that has occurred on March 7 and 8 sell offs.

The daily is also a long legged red doji with equal bulls and bears strength, a neutral pattern either way.

My bias is that EURJPY cannot break the BoS resistance and will drop soon from the current 162-161.50 tight range .

I will enter a short at market price within the range now with the following entries:

I will take profit on February 6 OB if I am right and put a stop loss on a potential lower high in case I am wrong.