EURJPY has successfully traded back into the lower weekly bearish FVG’s territory but the bulls are showing signs of struggling. A 2024 lower low is possible.

As a result, my August 23’s short trade plan has exited in another loss after holding for 2 hours:

https://www.finlogix.com/analysis/20240813/eurjpy-intraday-analysis-and-trading-plan-for-august-13-2024

An updated 2 wins and 11 losses overall record.

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

Re-assessing EURJPY’s high timeframe candles:

Yearly Candle: Still a Green Long Upper Shadow since last check

Monthly Candle: Last check is a Red Long Lower Shadow now a Green Semi Dragonfly Doji

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

Daily Candle: Previous close is a Green Spinning Top current is a Red Semi Dragonfly Doji

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

The cross pair has been trading in a validated down trend already after peaking this year.

Although I was wrong in my previous analysis for a possible new 2024 low, the current levels are still showing signs of weakness.

Yes, there has been an up wave from the recent low this year, however it faces difficulty along the retracement’s points’ 50% fib level and back to the 61.80% forming a symmetrical triangle formation.

Intraweek upside potential could be warranted and sellers are still in control for another leg down.

Thus, my call for a new 2024 low is possible through circumstances.

It was a good short attempt after my tight stop loss was caught right away.

I don’t like the current symmetrical formation and I speculate there will be another fall favoring a stronger Yen against the Euro.

So, I will short EURJPY again with the following orders:

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

Although risky because I’m shorting it in its discounted form, it will be a worthy try.

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 23, 2024

Aug 23 2024

1