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 only Short trades at this time.
- The Profit Ratio reversal indicator doesn't react on downward movement. This means that the movement is not fake.
- The activity of "fresh" bulls while the downward movement may indicate that the market crowd still does not believe in a Bearish trend.
- We see an accumulation of loss buyers above the current price in the right Order Book. This cluster can act as a resistance.
