USDJPY has took a dive down and left a wick, which is going to be filled by the market. Once the wick is filled, the market is going to be at the support level priced at 147.80. This area of support is the area we are looking to go long at and continue the trend. It should be noted that the trend is still bullish and market can continue moving upwards once the wick is filled. Also, there is NFP tomorrow, so be vary. 

The ascending trendline has broken out but the the trend is still bullish. The descending trendline is in formation and the market may break this with the bullish push upwards. 

The retracement level iof 61.8% is in confluence with the support level. With that, we have to continue the movement in confluence.

EMA 50 is currently bearish on H4 but on daily, its still bullish. There, the lagging tool for analysis will only change with the price action. 

RSI is at 37. It needs to be driven down towards the over sold region, from where the bullish divergence can be formed and market can continue its course.

USDJPY wickfill buys at 147.80

Oct 05 2023

Stop Loss -0.49%

Holding time 7d20hr

147.796

Entry price

147.074

Stop loss price