The EURJPY continues to trade above its 4H 50 and 200 SMAs respectively after a strong rebound last week.

Second analysis today goes to the EURJPY pair.

I finally scored my first win on my April 8 short trade plan:

https://www.finlogix.com/analysis/20240408/eurjpy-intraday-analysis-and-trading-plan-for-april-8-2024

This win has ended my 4 straight losses. An updated 1-4 W-L (win-loss) record.

There are 4 European and 4 Japanese major economic reports this week.

With Euro scoring a new 16-year high against the Japanese Yen, markets are eyeing the upcoming BoJ policy rates.

Re-assessing EURJPY’s high timeframe candles:

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

Monthly Candle: Still a Green Body with a Longer Tail Wick since last check

Weekly Candle: Previous Close is a Green Body with a Longer Head Wick current is a Small Green Body with a Longer Tail Wick

Daily Candle: : Friday close is a Green Long-Legged Long Lower Shadow current is a Green Body with a Longer Tail Wick

The EURJPY has further increased its yearly gains. It has been a weak Yen in the past 4 months after bottoming out at 153 level last December 2023.

On Friday, we saw a remarkable and volatile 200-pip swing move from 163-165!

From this move, it only proves the 162 support level strong buying reaction and looks ready to challenge March swing highs.

For now, an upward move is expected after price has rebounded on the pair’s 4H 50 and 200 SMAs.

Price is hovering in a new lower high that started to form during EURJPY’s March highs.

With both French and German Flash Manufacturing PMIs out tomorrow, a buy position is highly favored.

I was lucky enough to exit my previous trade plan in profit before the strong rebound last week.

Even though the odds are slim, I am going to short the EURJPY again with the following new sell orders:

Price is hovering above the 78.60% fib range of the pair’s premium array and shorts are rewarded better in terms of risk:reward setups.

I would also like to take advantage of the fact that the EURJPY has just printed out a new lower high.

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

Copy trading and trading directly involve risks.