EURJPY: Good place to join in on the sell with low risk

8 Nov 2020

I can see price has been making lower highs and lower lows after a 4 months uptrend. An early sell entry would have been after formation of double top at the 125.000 level, that signaled a push to the downside. We currently see that price did a pullback to the key fib level and 200MA acting as dynamic resistance here. Multiple wick rejections in this area of resistance confluence suggests an end of pullback and continuation of move to the downside. On the H4 timeframe, the details of the multiple wick rejections will be seen better. A short position here with SL some buffer away from resistance confluence will put your position at low risk with a potential for a much higher return. Cheers!