EURJPY is in a ranging market at the moment, given the fact, market is taming towards the bearish side more dilligently compared to its bullish side. We are looking to short the pair at the resistance level priced at 157.30. This is the premium region from where the market has the chance to drop back down.

The ascending trendline has broken out for sells and the market has validated the breakout sell of the candles. 

There is no retracement element on this setup.

EMA 50 is still bullish and the market needs to break it out in order for it to continue moving down and shift the trend.

RSI is at 50. It needs to be head towards the over bought region where it can align with the technical analysis of the pair.

EURJPY shorts from 157.30

Aug 03 2023