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

August 23, 2022 9:31:42 AM by Alexander Zorevyk
Forecast Details
PairEURJPY
Direction Buy
StatusClosed (137.00)
9:31
9:31
Aug. 23, 2022

+70 p
137.00
Target 1
136.30
Entry
-80 p
135.50
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 activity of "fresh" sellers in a downtrend may indicate that the market expects the recovery of the bear trend. However, according to our analysis, this movement is corrective and we expect the price to go up
  3. When the price decreases, a signal is formed (orange labels), which implies an upward movement.
  4. MVP line is below the price and acts as a support level.
  5. Pay attention to the accumulation of sellers near the current price. Such situations during a downtrend may indicate an upcoming correction. As a result, we will be going with a short-term Buy Order.
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