EURJPY - Downward trend will continue, Short trade by market price recommended
May 24, 2019 9:38:28 AM
Forecast Details
PairEURJPY
Direction
Sell
StatusClosed (122.9)
-100 p
123.90
Stop Loss
122.90
Entry
+120 p
121.70
Target 1
About Author
Patrick Yang
Expert
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Total votes: 5
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Chart & Analyst Comments
The downwards scenario is quite obvious, but the presence of a large number of "fellow travelers" will not allow the price to immediately go down. We expect a false move up and afterwards set up a Sell Limit.
- 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.
- The Profit Ratio indicator is not responding to a downward movement, this means that the movement is valid.
- The activity of "fresh" buyers in a downward movement may indicate that the market crowd still does not believe in a bearish trend.
- In the right order book, we see the volume of loss buyers above the current price. This cluster can act as a resistance.