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

February 28, 2020 7:09:03 AM by Patrick Yang
Forecast Details
PairEURJPY
Direction Sell
StatusClosed (119)
Start
End
Feb. 28, 2020
Mar. 6, 2020

-135 p
121.70
Stop Loss
120.35
Entry
+135 p
119.00
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 only Short trades at this time.
  2. The activity of "fresh" buyers in an uptrend may indicate that the market expects the recovery of the bull trend. However, according to our analysis, this movement is corrective and we expect the price to go down.
  3. The last downward movement has brought a volume of sellers, which implies a small price correction. Enter the deal with a Sell Limit order.
  4. Here is the crucial stop loss level to serve as a goal for our Sell trade idea.