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

January 11, 2022 2:58:54 PM by Alexander Zorevyk
Forecast Details
PairEURJPY
Direction Buy
StatusClosed (131.15)
14:48
14:48
Jan. 11, 2022

+115 p
132.00
Target 2
+75 p
131.60
Target 1
130.85
Entry
-70 p
130.15
Stop Loss
Chart & Analyst Comments
main-buy-market-trend-1
  1. The Current Ratio indicator have reached a critical value, too many traders expect a downward movement. In this case, we recommend to Buy only.
  2. The increase in sellers is observed both in the upward movement and in the retracement movements. Retail traders still believe in the possibility of price decrease.
  3. The number of profitable buyers has exceeded 75%. The uptrend is in its active phase. This confirms potential for a Long trade.
  4. MVP line is below the price and acts as a support level.
  5. In the left orderbook, we see a cluster of stop losses and stop orders right at the level of the previous peak. This is a good level for placing take profit according to our forecast.
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