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.

There are no further high impact economic reports in Europe while none in 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 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.

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.

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

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.

EURJPY Intraday Analysis and Trading Plan For July 26, 2024

Jul 26 2024

Stop Loss -0.31%

Holding time 0hr

162.799

Entry price

162.299

Stop loss price

1