EURJPY - Upward trend will continue, Long trade by market price recommended

November 29, 2019 8:28:32 AM by Patrick Yang
Forecast Details
Direction Buy
StatusClosed (120.70)
Nov. 29, 2019
Dec. 6, 2019

+150 p
Target 1
-130 p
Stop Loss
Chart & Analyst Comments

Previous price movement provoked sellers to action, but having made a fake manoeuvre, it returned upwards. Now is a good time to enter the market with a Buy Order.

  1. Majority of traders are still holding onto Shorts. This means we should continue to Buy EURJPY.
  2. In this sideways movement, retail traders prefer to hold short trades. There seem to be a major player interest in an upward movement.
  3. In the left orderbook, we see a cluster of stop losses and stop orders right at the level of the previous peak. This is a good level for placing take profit according to our forecast.
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