EURJPY has formed all times high at the price of 144. This needs to be corrected in order for the market to continue moving further up. That being said, we will be looking for a bullish position as the market is forming higher highs and higher lows. At the support level of price 143.00, which was the resistance earlier, we will be looking for our bullish position.

The ascending trendline is due to be tapped at the support level. Once market reaches the support, we need to figure out the price reaction after tapping the trendline at the support level.

The retracement area of 61.8% is in confluence with the support level. This support level will act as a catalyst for the market to continue moving up.

EMA 50 is strong bullish with a steep upward curve. At the support level, we might see EMA 50 bein retested at the support level. Amongst other technical factors, this would be an addition.

RSI is at 50 which is the bullish region. The over sold region is at 25 which might be tapped at the support level and form a bullish divergence. This divergence will work as another catalyst for the market to move up.

Stacking on EURJPY

Sep 16 2022