AUDJPY - Downward trend will continue, Short trade by market price recommended

July 25, 2019 6:09:12 PM by Alexander Zorevyk
Forecast Details
PairAUDJPY
Direction Sell
StatusClosed (74.9)
18:08
18:08
Jul. 25, 2019

-59 p
76.10
Stop Loss
75.50
Entry
+59 p
74.90
Target 1
Chart & Analyst Comments
AUDJPY - Downward trend will continue, Short trade by market price recommended

We expect the downward trend to continue. Sell AUDJPY. See below for summary of analysis:

  1. Majority of traders are still holding onto longs. This means we should continue selling AUDJPY.
  2. The last upward movement was characterized by a “surge” in retail buyers. This is a good reason to start thinking about short positions.
  3. MVP line is above the price and acts as a resistance level.
  4. Stop loss is properly taken out of the buyers cluster. If the price passes it, it is very likely to go on.