Final Finlogix analysis today goes to the EURJPY.

Last March 25 call has ended in another loss:

https://www.finlogix.com/analysis/20240325/eurjpy-intraday-analysis-and-trading-plan-for-march-25-2024

Straight 2 losses for me, 1 short and 1 long respectively.

For this week, there is only one European economic report that will conclude tomorrow, the German Prelim CPI month-over-month.

Meanwhile, there are no major Japanese economic reports this week.

Re-assessing EURJPY’s high timeframe candles:

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

Monthly Candle: Previous close is a Green Long-Legged Spinning Top current is developing a Red Hammer

Weekly Candle: Previous close is a Red Spinning Top with a Small Body and Longer Head Wick current is developing a Red Body with a Longer Tail Wick

Daily Candle: : Previous close is a Red Body with a Longer Head Wick current is developing a Red Spinning Top

I keep saying for the second time that the EURJPY is still trading in an aggressive HL trendline territory after breaking the long term 137.50 resistance formed in January 2018.

The price action in the last 2 weeks seems there is a false or failed breakout that has grabbed the buy side liquidity above the November 2023 external high trendline.

Last week alone, the EURJPY bulls made a second attempt but got rejected again.

Assuming the FX cross pair has found a reliable resistance area through the buy side inefficiency shown in the liquidity area, then there’s price correction already happening.

After trying to open a long position in my previous call, I've stopped out.

Looking at the buy side liquidity grabbing area, I’m more convinced this time to short the EURJPY again.

The EURJPY might have found its weekly lows already this intraday based on the current weekly and daily candles’ structure but at press time, price is consolidating below the 162.80 level and based on the current 4th 4H candle, the bulls cannot pass through the 163 already.

There’s some support from yesterday’s low but I’m not going to buy in.

I’m going to short again with the following orders:

It’s good to take some profit on the EURJPY’s way towards the nearest 4H discount array.

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

EURJPY Intraday Analysis and Trading Plan For April 2, 2024

Apr 02 2024

Stop Loss -0.28%

Holding time 3hr

162.650

Entry price

163.102

Stop loss price

1