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 selling AUDJPY.
  2. There is an increase in the number of bulls on the upward movement with subsequent correction. We regard this movement as a trap for buyers and look forward to a downward movement.
  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 support. This is a good level for placing take profit according to our forecast.