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

May 8, 2019 4:34:03 PM by Alexander Zorevyk
Forecast Details
PairGBPJPY
Direction Sell
StatusClosed (142.4)
16:30
16:30
May 8, 2019

-75 p
143.90
Stop Loss
143.15
Entry
+75 p
142.40
Target 1
Chart & Analyst Comments
GBPJPY - Downward trend will continue, Short trade by market price recommended
  1. Analyzing the ratio of the trader positions, we see a formed signal that confirms our sell forecast.
  2. The activity of "fresh" buyers in a downward movement may indicate that the market crowd still does not believe in a bearish trend.
  3. The Current Ratios indicator demonstrates a change in the ratio of players in the market towards buyers. Their increase while the trend is still going downwards may indicate the activity of averaging traders. This can only serve as "fuel" for further downtrend.
  4. In the left orderbook, we see a cluster of stop losses and stop orders right at the level of the previous support. This is a good level for placing take profit according to our forecast.