With BoJ’s July 0.25 % rate hike, Yen continues to surge against the Euro in August. Long-term trend reversal has started through the presence of 2 weekly bearish FVGs.

As a result, my July 26’s long trade plan has exited in another loss with less than an hour holding time:

https://www.finlogix.com/analysis/20240726/eurjpy-intraday-analysis-and-trading-plan-for-july-26-2024

An updated 2 wins and 10 losses overall record.

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

Re-assessing EURJPY’s high timeframe candles:

Yearly Candle: Last check is a Green Body with a Longer Head Wick current is a Green Long Upper Shadow

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

Weekly Candle: Previous close is a Green Long Legged Doji current is a Green Shaven Bottom

Daily Candle: : Previous close is a Green Shaven Bottom current is a Green Semi Doji

In today’s analysis, I will use EURJPY’s recent 2024 swing highs and lows from July 11 to August 5 as the retracements points of view.

The cross pair is now trading in a validated down trend after peaking this year.

Bears have been successful in liquidating previous 2024 lows in January after the sweep off lows last August 5.

The pair has also printed 2 recent weekly bearish FVGs and if the nearest hold to the end of this trading week may pave way in retesting or even breaking August 5 internal lows.

I am speculating that the EURJPY will struggle to retest the 61.80% fib level resistance where the 162.80 mark resides and within the nearest weekly bearish FVG’s territory.

I will be looking towards December 7 external lows as the sellers target point.

I’ve prevented another huge loss in my previous long attempt!

Now I would like to open a sell limit order at the current 4H candle with a strict stop loss at 163 only.

The take profit is aimed at December 7 external lows as the next buying order block.

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

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.

EURJPY Intraday Analysis and Trading Plan For August 13, 2024

Aug 13 2024

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