EURJPY has been ranging for a longer time and has not been able to break the range on either of the sides. Due to this, we are looking at the overall trend for the market to take a toll down into the bearish region and continue moving downwards. Once the support level is breached, market will do a flip aside towards the bearish region. 

The descending trendline has broken out for buys and the market needs to break the structure in order to continue moving upwards. On the other side, the ascending trendline might breakout for sells once the bearish pressure immenses. 

The 61.8% retracement is in confluence with the resistance level from where the market can fall towards the lower side.

EMA 50 is bullish. In the ranging market, it does not matter what the EMA 50 is doing. Once the market breaks down towards the bearish side, it will be another confirmation for the sells.

RSI is at 54. It needs to be resorted at the over bought region at the level of 75 and above and form a bearish divergence from that level. 

EURJPY sells from 158.50

Sep 22 2023