The market has stabilized, the first signs of an uptrend appeared

May 4, 2021 1:00:19 PM by Alexander Zorevyk
Forecast Details
PairEURJPY
Direction Buy
StatusClosed (131.15)
12:58
12:58
May 4, 2021

+100 p
132.00
Target 2
+70 p
131.70
Target 1
131.00
Entry
-70 p
130.30
Stop Loss
Chart & Analyst Comments
The market has stabilized, the first signs of an uptrend appeared
  1. According to the most brokers’ data, more than half of the traders are currently in short positions on EURJPY. As a result, we recommend considering only Long trades at this time.
  2. MVP line is below the price and acts as a support level.
  3. The last downward movement was characterized by a “surge” in retail sellers. This is a good reason to start thinking about long positions.
  4. Visually assessing the ratio of buyers and sellers, we see that retail sellers dominate on the market. This fact favors the Long Orders.
  5. The given Stop Losses of market participants are on the same level as the previous high, which will serve as the target for our trade.