The market has stabilized, the first signs of a downtrend appeared

July 31, 2019 6:46:55 PM by Alexander Zorevyk
Forecast Details
PairEURJPY
Direction Sell
StatusClosed (121)
18:46
18:46
Jul. 31, 2019

-50 p
121.50
Stop Loss
121.00
Entry
+50 p
120.50
Target 1
Chart & Analyst Comments
The market has stabilized, the first signs of a downtrend appeared
  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 going only short at this time.
  2. We are seeing an increase in buy positions by market crowd, who are replenishing an already large number of "locked up" losing buy positions.
  3. This cluster of orders acts as a resistance. For our forecast, stop loss is reasonable to move further than this cluster.