EURJPY has been on the resistance level at the price of 150. This level needs to be respected and mark the market down towards the support level once the pair starts to drop. The market has formed higher low and not a lower low yet. With this, we need to sustain the drop of the pair and take profits at the resistance.

The descending trendline might confluence with the resistance level and reject and retest the resistance and the trendline. This level is solid for the drop.

The retracement level is at the resistance level with the confluence and the retracement level being at 61.8%.

EMA 50 is in a range and is currently bullish. It needs to turn bearish for the market to confluence and align with the bearish side and move.

RSI is at 59. Once it moves towards the over bought region, above the 75 level, it will be at a place solid enough either to form a bearish divergence or to continue dragging it down.

EURJPY shorts from 150

Jun 07 2023