The market has stabilized, the first signs of an uptrend appeared

March 22, 2021 1:19:45 PM by Alexander Zorevyk
Forecast Details
PairEURJPY
Direction Buy
StatusClosed (128.9)
13:18
13:18
Mar. 22, 2021

+85 p
130.25
Target 2
+60 p
130.00
Target 1
129.40
Entry
-60 p
128.80
Stop Loss
Chart & Analyst Comments
The market has stabilized, the first signs of an uptrend appeared
  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. There is an increase in the number of bears on the downward movement, followed by correction. We consider this movement as a trap for sellers and look forward for a continuation of the uptrend.
  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. The last upward movement has brought a volume of buyers, which implies a small price correction. Enter the deal with a Buy Limit order.
  6. The risk/reward ratio allows you to set Take Profit at the same level where the SLC indicator signals that there are Stop orders - 130