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

Patrick Yang on FXSSI Patrick Yang Expert
main-sell-market-trend-1
Forecast Details
PairEURJPY
Publication Time8/30/19 6:44 AM
Direction Sell
Status Closed (116.20)
Aug. 30, 2019
Sep. 6, 2019
Forecast
-120 p
118.60
Stop Loss
117.40
Entry
+120 p
116.20
Target 1
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Chart & Analyst Comments

main-sell-market-trend-1
  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.
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