Get started
FranciscoBento

EURJPY Reaches Resistance Zone Possible Drop SHORT

Short
Euro / Japanese Yen (FX:EURJPY)  
FranciscoBento Updated   
FX:EURJPY   Euro / Japanese Yen
Trend Analysis EURJPY eurjpyshort eurjpytrade
6
2
trendanalysis eurjpy eurjpyshort eurjpytrade
After the follow up we have given to this pair over the week we got to the point we wanted it. The resistance zone is being tested in big time frames and in H1 we have a shooting star formed at the top of the trend. This means that we can be facing a reversal from bullish to bearish. The RSI is overbought in almost all time frames, that indicates that price could be losing some momentum and it's a good time to sell. I've opened a short position at 126.800. Let's see how it goes.
Comment:
On the H1 we can clearly see the shooting star formation and the re-testing candlestick.
snapshot
RSI Overbought as well and price losing momentum.
Trade active:
I've open short position at 126.840 now. With SL at 127.150 and TP at 126.250.
Comment:
We'll wait till next week to open another short position. I really think that this is will drop. Lets see!
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.