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

May 16, 2019 4:40:34 PM by Alexander Zorevyk
Forecast Details
PairGBPJPY
Direction Sell
StatusClosed (139.9)
16:37
16:37
May 16, 2019

-59 p
141.20
Stop Loss
140.60
Entry
+69 p
139.90
Target 1
Chart & Analyst Comments
GBPJPY - Downward trend will continue, Short trade by market price recommended

For today's forecast, we recommend a sell order at the current market price. This idea is based on the following analysis:

  1. The Current Ratios indicator have reached critical value, too many traders expect an upward movement. In this case, we recommend selling only.
  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. 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.