EURJPY’s bulls have stepped in showing a strong May buyback. Thanks to its persistent daily 50-SMA!

My first Finlogix analysis today goes to the EURJPY cross pair.

May April 30 long call has exited in another loss:

https://www.finlogix.com/analysis/20240430/eurjpy-intraday-analysis-and-trading-plan-for-april-30-2024

An updated 2 wins and 8 losses overall record.

There are no high impact economic reports in Europe and Japan this week.

Re-assessing EURJPY’s high timeframe candles:

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

Monthly Candle: Previous close is a Green Body with a Longer Head Wick current is a Red Long Lower Shadow with a Small Body

Weekly Candle: Previous close is a Green Body current is a Developing a Small Green Doji

Daily Candle: : Both previous close and current are Green Spinning Top

After EURJPY’s price has rebounded from its daily 50-SMA showing continued support since February 2024 keeping its yearly uptrend intact!

This upward price trajectory has kept the bulls on defensive instance buybacking every price pullback chances.

Intraday bears still cannot find the answer to retaliate the bulls after the 3-day holding on the crucial 164 level from May 1-3.

Looks like we will see a continued upward movement targeting the 169-171 resistance levels.

A break above these highs can lead to further higher price discovery.

Let’s see if we can see another Japanese Government intervention soon.

I’ve prevented a huge loss in my previous call after the EURJPY bottomed out at 164 level.

Now that the current price has returned to where I longed last time, I will long the pullback towards 167 targeting the 169 resistance while setting the stop at 166.

Still a 2 to 1 risk reward trade setup like my previous.

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 May 13, 2024

May 13 2024

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