EURJPY Rebounding on the 1D MA200.

The EURJPY pair has been trading within a Channel Up pattern since the March 07 2022 Low and only last Thursday hit the 1D MA200 (orange trend-line) and is rebounding. At the same time the 1D RSI got oversold (below the 30.00) and is also rebounding. The last 1D MA200 rebound that turned into a Higher High for the Channel was on August 02 and peaked on the 1.382 Fibonacci extension.

We will use a double entry approach and open the first buy lot now and if we drop lower, use the second lot at the bottom of the Channel Up. In both cases the target is 168.000, slightly below the 1.382 Fib and top of the Channel Up.

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