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My back-test indicator signals me that EURJPY is looking toppish. I interprete this signal as selling on strengthen. Seeing that hourly chart is looking overbought, I decide to short this currency pair.
As mentioned earlier, weakness in stock will cause JPY to appreciate.
Shorted 100,000 EURJPY at 167.97
Stop level at 168.70
Target level at 167.40
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