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

February 18, 2021 11:05:45 AM by Alexander Zorevyk
Forecast Details
PairEURJPY
Direction Sell
StatusClosed (128.15)
11:04
11:04
Feb. 18, 2021

-55 p
128.15
Stop Loss
127.60
Entry
+50 p
127.10
Target 1
+70 p
126.90
Target 2
Chart & Analyst Comments
EURJPY - Downward trend will continue, Short trade by market price recommended
  1. According to the most brokers’ data, more than half of the traders are currently in long positions on EURJPY. As a result, we recommend considering only Short trades at this time.
  2. When the price rises, a signal is formed (orange labels), which implies a downwards movement.
  3. Visually assessing the ratio of buyers and sellers, we see that retail buyers dominate on the market. This fact favors the Short Orders.
  4. We should set the target of our trade at the closest level with a large number of Stop orders, as signaled by the SLC indicator.