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 this recommended market price - 140.6. This idea is based on the following analysis:

  1. The Current Ratio indicator have reached a critical value, too many traders expect an upward movement. In this case, we recommend to Sell only.
  2. The activity of "fresh" bulls while the 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 bottom. This is a good level for placing take profit according to our forecast.