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Short

EUR/JPY multiple rejections at channel top, good to sell rallies

FX:EURJPY   Euro Fx/Japanese Yen
211 0 8
EUR/JPY             trades a falling channel , and we notice price action was rejected at channel top multiple times on Jan 29th, Feb 1st and 2nd.

Pair unable to break channel top resistance, daily cloud also weighs on the upside, reinforces downside, currently at 130.73.

We have evidenced formation of subsequent hanging man , gravestone Doji on Feb 4th and 5th trades.

RSI has turned lower after peaking at 65 levels and Daily Stochs have also edged lower into neutral from overbought territory.

Price action neatly converging with RSI and Stochs and momentum slowing on MACD - support downside.

Immediate resistance is seen at channel top by 131.85, while support is located at 129.80 levels.

We would short rallies around 131 levels, SL: 131.90, TP: 130/129.80/128
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