GBPJPY - Upward trend will continue, Long trade by market price recommended
July 12, 2021 12:47:51 PM
Forecast Details
PairGBPJPY
Direction
Buy
StatusClosed (153.25)
+90 p
153.55
Target 2
+60 p
153.25
Target 1
152.65
Entry
-65 p
152.00
Stop Loss
About Author
Alexander Zorevyk
Expert
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Total votes: 3
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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.
- The last downward movement was characterized by a “surge” in retail sellers. This is a good reason to start thinking about long positions.
- 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 - 153.55
