The EURJPY is trading above its 4H 50 and 200 SMAs.

I am updating a new one for the cross pair to start this week’s Finlogix analyses.

Last Wednesday’s trade plan has quickly exited in another loss:

https://www.finlogix.com/analysis/20240403/eurjpy-intraday-analysis-and-trading-plan-for-april-2-2024-2541

There are no major Japanese economic reports this week.

However there are 3 European economic reports with the ECB’s rate decision as the key highlight on Thursday.

Re-assessing EURJPY’s high timeframe candles:

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

Monthly Candle: Last check is a Green Semi Dragonfly Doji now a Green Body with a Longer Tail Wick

Weekly Candle: Previous Close is a Green Long-Legged Body current is developing a Small Green Body with a Longer Head Wick

Daily Candle: : Friday close is a Green Long Lower Shadow current is developing a Green Body with a Longer Head Wick

The EURJPY bulls have continued to halt the bears by cementing the 162 levels into a support.

Last week, the March peak’s downtrend was abolished through a successful breakout above the external 164.40 resistance leading to last week’s top at 164.90 levels.

However, the price has pulled back for more than 50% retracement on Thursday but this move has confirmed and backtested the previous lower high trendline’s 163.50 resistance into a support.

In order to validate a continued upward move, the EURJPY must hold the price above the 4H 50 and 200 SMAs.

Seeing the 4H chart now, the EURJPY made a good and healthy pullback on Thursday, but failed to break March’s external highs.

I’m assuming the current price levels in a corrective structure before the next move down.

Price is still sitting in premium arrays and I like to short the cross pair once again with the following updated orders:

If I’m right to claim that the EURJPY just made a new lower high, then shorting it again is worth a try.

EURJPY Intraday Analysis and Trading Plan For April 8, 2024

Apr 08 2024

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