USDJPY is bullish and therefore, we will be looking to go long at the pair from the support level. This resistance was breached earlier and now has turned into a support. We will be having a long position from the price of 130.30. This price also has a demand/support level. Along with this, we have a higher high and lower high structure which indicates the bullish structure.

The descending trendline has been broken out for buys and the candles have been validated by the candles. This validation tends to be the catalyst of the trend continuation after market has topped the resistance level.

There is no retracement level or indication at this setup for long positions we are looking forward to take. 

Both the EMA's are bullish with a bullish death cross. The EMA 50 has been broken out for buys and due a retest. This retest is likely to be due at the support level which will be in confluence with the support level. This will be another technical factor to long at.

Both the oscillators are in a bullish region and have a oscillator divergence. The oscillator divergence tends to happen only with the oscillators. Once there is another retest of the neutralized levels, we will have a confirmation for the market to continue further moving up.

USDJPY trend continuation

May 06 2022