GBPJPY - Upward trend will continue, Long trade by market price recommended
August 10, 2021 4:21:08 AM
Forecast Details
PairGBPJPY
Direction
Buy
StatusClosed (153.25)
+70 p
153.45
Target 2
+50 p
153.25
Target 1
152.75
Entry
-55 p
152.20
Stop Loss
About Author
Alexander Zorevyk
Expert
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Total votes: 2
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Chart & Analyst Comments
- 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.
- When the price decreases, a signal is formed (orange labels), which implies an upward movement.
- In this sideways movement, retail traders prefer to hold short trades. There seem to be a major player interest in an upward movement.
- MVP line is below the price and acts as a support level.
- The first target is at the level of the previous peak - 153.25, and the second one, in case of an active price increase, is at the level - 153.45
