EURJPY - Downward trend will continue, Short trade by market price recommended
August 30, 2019 6:44:35 AM
Forecast Details
PairEURJPY
Direction
Sell
StatusClosed (116.2)
-119 p
118.60
Stop Loss
117.40
Entry
+120 p
116.20
Target 1
About Author
Patrick Yang
Expert
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Chart & Analyst Comments
- 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 decrease in the sellers volume, together with the increase in the buyers volume, confirms the need to Sell according to our trading idea.
- These accumulation of retail traders stop losses coincide with the level of the previous low. This level will serve as the target for our trade.
- This cluster of orders acts as a resistance. For our forecast, stop loss is reasonable to set higher than this cluster.