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EURJPY - Upward trend will continue, Long trade by market price recommended

Alex Zarevich on FXSSI Alex Zarevich Expert
main-buy-market-trend-1
Forecast Details
PairEURJPY
Publication Time8/9/23 12:56 PM
Direction Buy
Status Closed (158.15)
12:56
12:56
Aug. 9, 2023
Forecast
+70 p
158.15
Target 1
157.45
Entry
-70 p
156.75
Stop Loss
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Chart & Analyst Comments

main-buy-market-trend-1
  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. The activity of "fresh" bears while the upward movement may indicate that the market crowd still does not believe in a Bullish trend.
  3. The MVP indicator shows the uptrend. We take this into account as one of the important factors in today's forecast.
  4. The price increase will be accompanied by the trigger of market crowd’s stop losses, which in turn will serve as a "fuel" for the upward movement.
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