AUDJPY - Downward trend will continue, Short trade by market price recommended
July 25, 2019 6:09:12 PM
Forecast Details
PairAUDJPY
Direction
Sell
StatusClosed (74.9)
-59 p
76.10
Stop Loss
75.50
Entry
+59 p
74.90
Target 1
About Author
Alexander Zorevyk
Expert
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Total votes: 8
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Chart & Analyst Comments
We expect the downward trend to continue. Sell AUDJPY. See below for summary of analysis:
- Majority of traders are still holding onto longs. This means we should continue selling AUDJPY.
- The last upward movement was characterized by a “surge” in retail buyers. This is a good reason to start thinking about short positions.
- MVP line is above the price and acts as a resistance level.
- Stop loss is properly taken out of the buyers cluster. If the price passes it, it is very likely to go on.