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

August 30, 2019 6:44:35 AM by Patrick Yang
Forecast Details
PairEURJPY
Direction Sell
StatusClosed (116.2)
Start
End
Aug. 30, 2019
Sep. 6, 2019

-119 p
118.60
Stop Loss
117.40
Entry
+120 p
116.20
Target 1
Chart & Analyst Comments
EURJPY - Downward trend will continue, Short trade by market price recommended
  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 decrease in the sellers volume, together with the increase in the buyers volume, confirms the need to Sell according to our trading idea.
  3. 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.
  4. This cluster of orders acts as a resistance. For our forecast, stop loss is reasonable to set higher than this cluster.