GBPJPY - Downward trend will continue, Short trade by market price recommended
October 27, 2020 8:08:30 AM
Forecast Details
PairGBPJPY
Direction
Sell
StatusClosed (135.75)
-75 p
137.20
Stop Loss
136.45
Entry
+70 p
135.75
Target 1
+70 p
135.75
Target 2
About Author
Alexander Zorevyk
Expert
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Total votes: 3
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Chart & Analyst Comments
- Majority of traders are still holding onto Longs. This means we should continue to Sell GBPJPY.
- The last upward movement was characterized by a “surge” in retail buyers. This is a good reason to start thinking about short positions.
- The Profit Ratio reversal indicator doesn't react on downward movement. This means that the movement is not fake.
- 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.
