GBPJPY - Downward trend will continue, Short trade by market price recommended
June 7, 2019 12:32:01 PM
Forecast Details
PairGBPJPY
Direction
Sell
StatusClosed (136.7)
-155 p
139.40
Stop Loss
137.85
Entry
+194 p
135.90
Target 1
About Author
Patrick Yang
Expert
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Chart & Analyst Comments
- The Current Ratio indicator have reached a critical value, too many traders expect an upward movement. In this case, we recommend to Sell only.
- 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.