GBPJPY - Downward trend will continue, Short trade by market price recommended
September 6, 2019 7:18:29 AM
Forecast Details
PairGBPJPY
Direction
Sell
StatusClosed (133)
-134 p
133.00
Stop Loss
131.65
Entry
+145 p
130.20
Target 1
About Author
Patrick Yang
Expert
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Chart & Analyst Comments
- For a while now, the Current Ratio indicator provides an opportunity for Short trade. We are using this signal as a basis for today’s trading forecast.
- 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.
- Upward price movement is accompanied by reversal signals of Profit Ratio indicator.
- In the left orderbook, we see a cluster of stop losses and stop orders right at the level of the previous bottom. This is a good level for placing take profit according to our forecast.