The market has stabilized, the first signs of an uptrend appeared

March 17, 2021 8:44:40 AM by Alexander Zorevyk
Forecast Details
PairGBPJPY
Direction Buy
StatusClosed (152.4)
8:40
8:40
Mar. 17, 2021

+90 p
152.40
Target 2
+65 p
152.15
Target 1
151.50
Entry
-65 p
150.85
Stop Loss
Chart & Analyst Comments
The market has stabilized, the first signs of an uptrend appeared
  1. 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.
  2. The Profit Ratio reversal indicator doesn't react on upward movement. This means that the movement is not fake.
  3. The last downward movement was characterized by a “surge” in retail sellers. This is a good reason to start thinking about long positions.
  4. The last upward movement has brought a volume of buyers, which implies a small price correction. Enter the deal with a Buy Limit order.
  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 - 152.15