GBPJPY - Downward trend will continue, Short trade by market price recommended
May 21, 2019 5:25:25 PM
Forecast Details
PairGBPJPY
Direction
Sell
StatusClosed (140.1)
-95 p
141.85
Stop Loss
140.90
Entry
+80 p
140.10
Target 1
+160 p
139.30
Target 2
About Author
Alexander Zorevyk
Expert
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Total votes: 4
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Chart & Analyst Comments
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.
- According to the Current Ratio indicator, the market crowd inclined to believe in an upward movement. We recommend Short trade for today.
- 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.
- 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.
