The market has stabilized, the first signs of a downtrend appeared

October 9, 2019 7:11:07 AM by Alexander Zorevyk
Forecast Details
PairEURJPY
Direction Sell
StatusClosed (117.2)
6:51
6:51
Oct. 9, 2019

-59 p
117.80
Stop Loss
117.20
Entry
+54 p
116.65
Target 1
Chart & Analyst Comments
The market has stabilized, the first signs of a downtrend appeared
  1. Majority of traders are still holding onto Longs. This means we should continue to Sell EURJPY.
  2. We see a sharp increase in buy orders as indicated by a number of brokers, which may indicate an interest of a big market player. We are expecting a downward movement.
  3. The decrease in the sellers volume, together with the increase in the buyers volume, confirms the need to Sell according to our trading idea.
  4. These accumulation of retail traders stop losses coincide with the level of the previous low. This level will serve as the target for our trade.