EUR JPY Multiple Tell Tales About Going Short.

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.

Trade attivo:

We have just seen a beautiful strong red candle, a clear rejection of the resistance area. This is a great signal, make sure you entry the trade soon as it's moving fast now.

If you weren't in yet, make sure to tighten your stop loss as the risk reward becomes less and less interesting as we continue.