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

April 6, 2020 1:17:55 PM by Alexander Zorevyk
Forecast Details
PairEURJPY
Direction Sell
StatusClosed (118.4)
13:11
13:11
Apr. 6, 2020

-80 p
118.40
Stop Loss
117.60
Entry
+70 p
116.90
Target 1
+100 p
116.60
Target 2
Chart & Analyst Comments
EURJPY - Downward trend will continue, Short trade by market price recommended

For today's forecast, we recommend a Sell Order at this recommended market price - 117.6. This idea is based on the following analysis:

  1. Since the CurrentRatio sentiment indicator informs us that the market crowd is buying, we should consider sticking to Sell Orders.
  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. Here is the crucial stop loss level to serve as a goal for our Sell trade idea.