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

May 7, 2021 12:06:05 PM by Alex Zarevich
Forecast Details
PairGBPJPY
Direction Buy
StatusClosed (152.70)
11:55
11:55
May 7, 2021

+100 p
152.70
Target 2
+70 p
152.40
Target 1
151.70
Entry
-75 p
150.95
Stop Loss
Chart & Analyst Comments
main-buy-market-trend-1
  1. According to the most brokers’ data, more than half of the traders are currently in short positions on GBPJPY. As a result, we recommend considering only Long trades at this time.
  2. The number of profitable buyers has exceeded 75%. The uptrend is in its active phase. This confirms potential for a Long trade.
  3. In this sideways movement, retail traders prefer to hold short trades. There seem to be a major player interest in an upward movement.
  4. MVP line is below the price and acts as a support level.
  5. The first target is at the level of the previous peak - 152.4, and the second one, in case of an active price increase, is at the level - 152.7
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