A strong weekly opening sends EURJPY higher breaking its 2008 records. Are the bulls preparing to re-test 1992 highs?

My first Finlogix analysis for the week starts on the EURJPY cross pair.

After shorting the strong 170 resistance, I got immediately stopped out causing my previous trade in a loss:

https://www.finlogix.com/analysis/20240426/eurjpy-intraday-analysis-and-trading-plan-for-april-26-2024

An updated 2 wins and 6 losses overall record.

There is only one European economic report this Monday and nothing in Japan.

Re-assessing EURJPY’s high timeframe candles:

Yearly Candle: Last check is an Imperfect Green Marubozu now a Green Body with a Slightly Longer Head Wick

Monthly Candle: Still a Green Body since last check

Weekly Candle: Previous close is a Big Green Body current is an Imperfect Green Shaven Bottom

Daily Candle: : Friday close is a Green Body with a Longer Tail Wick current is also a Green Body but with a Longer Head Wick

A massive buy side liquidity runs have continued wrecking havoc against selling attempts.

We are pretty sure that the Japanese Government is closely monitoring though.

The Euro continues to soar against the Japanese Yen to a new 16-year high breaking Friday’s record.

Now that the 2008’s record is broken, I’m seeing price cooling off first in sideways before the next leg up towards the 1992 highs challenge.

A bullish weekly FVG has been established and the current weekly candle may expand more!

A good stop loss in my last short attempt!

The EURJPY is really strong to the upside now after an explosive intraweek opening but it’s way too stretched.

We can assume that the next major resistance to beat is the 174-175 levels but price needs to calm down first through consolidation.

I can’t lie that the current 4H impulsive wave is pretty solid!

Recent highs might be re-tested for the day.

May comes very soon and the EURJPY will be exposed to high to extreme price volatility!

I change my instance to a buyer for now with a swing trade plan with these orders:

I am rooting the 170 into a short-term flipped S/R if 175 is targeted.

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

Copy trading and trading directly involve risks.