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

June 10, 2020 11:57:44 AM by Alexander Zorevyk
Forecast Details
PairGBPJPY
Direction Buy
StatusClosed (136.15)
11:54
11:54
Jun. 10, 2020

+144 p
138.60
Target 2
+94 p
138.10
Target 1
137.15
Entry
-100 p
136.15
Stop Loss
Chart & Analyst Comments
GBPJPY - Upward trend will continue, Long trade by market price recommended

For today's forecast, we recommend a Buy Order at this recommended market price - 137.15. This idea is based on the following analysis:

  1. The dynamics of the Ratios indicator signals for Long opportunities. Pay attention to the area marked on the image.
  2. When the price decreases, a signal is formed (orange labels), which implies an upward movement.
  3. The increase in sellers is observed both in the upward movement and in the retracement movements. Retail traders still believe in the possibility of price decrease.
  4. Stop loss should be taken out of the sellers cluster. If the price passes it, it will likely go on.
  5. The trade is aimed at the previous high breakout. The SLC indicator signals us to set our target at the level where most Stop Losses are placed - 138.1