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

July 23, 2020 8:10:56 AM by Alexander Zorevyk
Forecast Details
PairEURJPY
Direction Buy
StatusClosed (123.50)
8:06
8:06
Jul. 23, 2020

+90 p
125.00
Target 2
+60 p
124.70
Target 1
124.10
Entry
-60 p
123.50
Stop Loss
Chart & Analyst Comments
main-buy-market-trend-1

For today's forecast, we recommend a Buy Order at this recommended market price - 124.1. 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. We are seeing an increase in Sell positions by market crowd, who are replenishing an already large number of "locked up" losing Sell positions.
  3. The first target is at the level of the previous peak - 124.7, and the second one, in case of an active price increase, is at the level - 125
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