To end today’s Finlogix analyses, I am updating a new one for the EURJPY Forex cross pair.

Last March 14 call has ended in a stop loss marking my first loss overall:

https://www.finlogix.com/analysis/20240314/eurjpy-intraday-analysis-and-trading-plan-for-march-14-2024

With a holding time of 4 days and 5 hours, I have protected the lost position from heavy losses!

This is the beauty of disciplined and calculated risk management in trading.

I was totally wrong on this one so let’s continue.

There are no European and Japanese major economic reports this week.

Re-assessing EURJPY’s high timeframe candles:

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

Monthly Candle: Last check is a Long Legged Red Doji now a Long Legged Green Spinning Top

Weekly Candle: Previous close is Green Body with a 50% Head Wick to Body Length current is developing a Red Hammer

Daily Candle: : Friday close is a Red Body current is developing a Red Hammer

Still in an aggressive HL trendline after breaking the long term 137.50 resistance formed in January 2018.

The cross pair has also formed a new swing high that has broken the former external high in November 2023.

We can see a strong pull back last week suggesting a strong profit taking from these levels.

From here, I am seeing a moving up retracement move re-testing last week's highs.

It's likely that the EURJPY will find strong bids towards March 10-16 week's range.

If we see a rejection from this level, the pair might start a price correction.

The EURJPY might founds its weekly lows already this intraday based on the current weekly and daily candles’ structure.

Assuming it is, then I will enter a long position through the current market levels targeting the 78.60% fib retracement from last week’s high and low range while the stop loss is set towards the 23.60% fib.

I will trade the weekly range from last week only.

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

EURJPY Intraday Analysis and Trading Plan For March 25, 2024

Mar 25 2024

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