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

January 11, 2021 7:21:26 AM by Alexander Zorevyk
Forecast Details
PairEURJPY
Direction Buy
StatusClosed (126.6)
7:17
7:17
Jan. 11, 2021

+70 p
127.60
Target 1
126.90
Entry
-65 p
126.25
Stop Loss
Chart & Analyst Comments
EURJPY - Upward trend will continue, Long trade by market price recommended

For today's forecast, we recommend a Buy Order at this recommended market price - 126.9. This idea is based on the following analysis:

  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 last downward movement was characterized by a “surge” in retail sellers. This is a good reason to start thinking about long positions.
  3. MVP line is below the price and acts as a support level.
  4. These accumulation of retail traders stop losses coincide with the level of the previous high. This level will serve as the target for our trade.