The EURJPY’s intraday swing high move has broken its local lower high trendline.

To end my Finlogix analysis today, I’m sharing a new one for the EURJPY pair.

Yesterday’s short trade plan has triggered a stop loss:

https://www.finlogix.com/analysis/20240422/eurjpy-intraday-analysis-and-trading-plan-for-april-22-2024

An updated 1 win and 5 losses overall record.

More than an hour ago, both the French and German Flash Manufacturing and Services PMIs were in mixed results but sent the Euro higher against the Japanese Yen.

Meanwhile, there are 4 major Japanese economic reports due on Friday.

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 Euro keeps on scoring new highs extending its 16-year surge against the weaker Yen. The currency markets are eyeing the upcoming BoJ policy rates and let’s see how the Yen performs till then.

The latest lower high trendline breakout has given the EURJPY more chances to extend its on-going up trend.

The cross pair has triggered volatility after the mixed French and German PMIs came out resulting in an intraday swing high move 2 hours ago!

To further validate an up trend extension, the EURJPY bulls should flip the LH trendline 1st swing high order block from March 20 to 21 into an immediate internal support.

This area is the first local high of the said trendline and strong buy order blocks should be seen here to help send the cross pair higher.

Price must also stay above 165 in tomorrow’s daily closing.

It was another good attempt for me to short the cross pair yesterday with minimal loss.

Based on the recent price action, I’m going to change my trade instance to a buyer.

My plan is to set a limit buy order on the possible pullback towards the 1st swing high of the broken LH trendline as an order block.

I’m targeting for a 2.33 RRR score with a minimal stop loss below the 4H candle that has started the breakout.

For now the 165 level is a key price level that must be flipped into an immediate internal support.

This is one of the reasons why I long for EURJPY now.

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

Copy trading and trading directly involve risks.

EURJPY Intraday Analysis and Trading Plan For April 23, 2024

Apr 23 2024

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