EURJPY is still in an uptrend, given, it is forming higher highs and higher lows and hasn't really broken the support level, or previous low. That being said, we will be looking to go long on the pair from the support level, priced at 148.20. This needs to dwell into the long position. We will be stacking our buy positions.

The ascending trendline has pierced and broken out for sells. This needs to be validated after the breakout sell. At the moment, only one candle has validated the breakout sell.

The retracement level of 78.6% is in confluence with the support level. This will give a push effect on the pair.

EMA 50 is still bearish. We can also book our profits at the EMA retest.

RSI is at 43. This means, its already near about the over sold region. If it is aligned with the support level, we will have a solid move up.

EURJPY stacks on double bottom

May 09 2023