The market has stabilized, the first signs of a downtrend appeared

July 10, 2019 6:00:15 PM by Alexander Zorevyk
Forecast Details
PairAUDJPY
Direction Sell
StatusClosed (75.65)
17:58
17:58
Jul. 10, 2019

-45 p
75.70
Stop Loss
75.25
Entry
+40 p
74.85
Target 1
Chart & Analyst Comments
The market has stabilized, the first signs of a downtrend appeared
  1. Majority of traders are still holding onto Longs. This means we should continue to Sell AUDJPY.
  2. There is an increase in the number of bulls on the upward movement, followed by correction. We consider this movement as a trap for buyers and look forward for a continuation of the downtrend.
  3. MVP line is above the price and acts as a resistance level.
  4. In the left orderbook, we see a cluster of stop losses and stop orders right at the level of the previous bottom. This is a good level for placing take profit according to our forecast.