EURJPY - Downward trend will continue, Short trade by market price recommended

May 24, 2019 9:38:28 AM by Patrick Yang
Forecast Details
PairEURJPY
Direction Sell
StatusClosed (122.9)
Start
End
May 24, 2019
May 31, 2019

-100 p
123.90
Stop Loss
122.90
Entry
+120 p
121.70
Target 1
Chart & Analyst Comments
EURJPY - Downward trend will continue, Short trade by market price recommended

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.

  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. The Profit Ratio indicator is not responding to a downward movement, this means that the movement is valid.
  3. The activity of "fresh" buyers in a downward movement may indicate that the market crowd still does not believe in a bearish trend.
  4. In the right order book, we see the volume of loss buyers above the current price. This cluster can act as a resistance.