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

October 27, 2020 8:08:30 AM by Alexander Zorevyk
Forecast Details
PairGBPJPY
Direction Sell
StatusClosed
8:01
8:01
Oct. 27, 2020

-75 p
137.20
Stop Loss
136.45
Entry
+70 p
135.75
Target 1
+70 p
135.75
Target 2
Chart & Analyst Comments
GBPJPY - Downward trend will continue, Short trade by market price recommended
  1. Majority of traders are still holding onto Longs. This means we should continue to Sell GBPJPY.
  2. The last upward movement was characterized by a “surge” in retail buyers. This is a good reason to start thinking about short positions.
  3. The Profit Ratio reversal indicator doesn't react on downward movement. This means that the movement is not fake.
  4. The price decrease will be accompanied by the trigger of market crowds’ stop losses, which in turn will serve as a "fuel" for the downward movement.