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

May 21, 2019 5:25:25 PM by Alexander Zorevyk
Forecast Details
PairGBPJPY
Direction Sell
StatusClosed (140.1)
17:23
17:23
May 21, 2019

-94 p
141.85
Stop Loss
140.90
Entry
+80 p
140.10
Target 1
+159 p
139.30
Target 2
Chart & Analyst Comments
GBPJPY - Downward trend will continue, Short trade by market price recommended

Previous price movement provoked buyers to action, but having made a fake manoeuvre, it returned downwards. Now is a good time to enter the market with a Sell Order.

  1. According to the Current Ratio indicator, the market crowd inclined to believe in an upward movement. We recommend Short trade for today.
  2. The activity of "fresh" buyers in an uptrend may indicate that the market expects the recovery of the bull trend. However, according to our analysis, this movement is corrective and we expect the price to go down.
  3. These accumulation of retail traders stop losses coincide with the level of the previous low. This level will serve as the target for our trade.