EUR JPY Multiple Tell Tales About Going Short.

2020-01-17 11:45:48

We see various signals that EUR JPY will have a good opportunity here for a short position.

1) First of all we see a large number of consecutive green candles that made the RSI go out of our oversold region all the way into overbought in a very short time. This is a sign of unsustainable growth

2) This growth has been reduced suddenly by staying still around the horizontal resistance level

3) A bearish RSI divergence has been spotted where the higher high happened in conjunction with a lower high on the RSI

I am entering with a short position. This will be my last position before the market close of the weekend kicks in.