We are shorting right now depending on different reasons:
1) It is often common that market is retesting previous highs in a downtrend. It is important that the market does not make a new higher high to have a still valid technical downtrend. 2) There is no RSI Divergence on the previous lows in the downtrend. RSI Divergence would be a significant signal for a weak downtrend. 3) Stochastics are also in an overbought zone!
Thanks for sharing, I agree with your idea and am bearish view on EURJPY as well. I have identified a resistance level that is a horizontal pullback resistance which coincides with the 50% fibonacci retracement.
Glad that we have the same bias on EURJPY
Professionalinvestfx
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@FXCM-EDU, Thank you for your statement! It is always interesting to see how other traders predict the market.
Glad that we have the same bias on EURJPY