EURJPY Intraday Analysis and Trading Plan For July 26, 2024
Rafael Ken Aguilar
EURJPY·
Jul 26 2024
Stop Loss -0.31%
Holding time 0hr
162.799
Entry price
162.299
Stop loss price
1
Looming BoJ rate hike in July’s lifts Japanese Yen’s comeback against the Euro with mid-week rejection at 167.50 previous support level.
As a result my May 13’s long trade plan has exited in another loss after holding for 12 hours:
https://www.finlogix.com/analysis/20240513/eurjpy-intraday-analysis-and-trading-plan-for-may-13-2024
An updated 2 wins and 9 losses overall record.
Happy Friday.
Upcoming High Impact Economic Reports
There are no further high impact economic reports in Europe while none in Japan this week.
More economic events at:
https://www.finlogix.com/calendar
Intraday Analysis
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 Hammer current is a Red Spinning Top
Weekly Candle: Previous close is a Red Spinning Top current is a Red Body with a Longer Tail Wick
Daily Candle: : Previous close is a Green Long-Legged Doji current is a Green Doji
In today’s analysis, I use June 14 swing low to July 11 swing high moves as the retracements points of view.
Based on these points of view, we see complete retracements downwards even surpassing June 14’s lows suggesting sell side liquidity grab.
But is yet to show a sweep because the very 167.50 previous support level is now acting as the new resistance.
With the upcoming macro economic news favoring a stronger Yen, I am interested to see the bearish retracement extension levels towards the 162.70 level only.
Trade Plan
I’ve prevented another huge loss in my previous long attempt.
Now I like to open a limit buy order to the mentioned 162.70 plus 10pips with a 50 pip stop loss only.
The take profit is marked at the 171.50 level for a total of 17.40 crazy RRR!
I think it’s enough to create a bounce recovery for the already pounded EURJPY.
These are the new long orders:
Buy Entry: 162.80
Stop Loss: 162.30
Take Profit: 171.50
Risk to Reward Ratio: 2.00
Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.
Conclusion
Sounds extremely bearish to wait for my target but I just like to capitalize for further EURJPY drop soon.
Let’s see how this one goes and good luck.
All trade ideas I share are my own views and for my own trades only.
Trading involves risks.