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

May 10, 2019 5:57:12 PM by Patrick Yang
Forecast Details
PairGBPJPY
Direction Sell
StatusClosed (141)
Start
End
May 10, 2019
May 17, 2019

-230 p
145.30
Stop Loss
143.00
Entry
+200 p
141.00
Target 1
Chart & Analyst Comments
GBPJPY - Downward trend will continue, Short trade by market price recommended
  1. The Current Ratio indicator have reached a critical value, too many traders expect an upward movement. In this case, we recommend to Sell only.
  2. The activity of "fresh" bulls while the downward movement may indicate that the market crowd still does not believe in a Bearish trend.
  3. The Ratios indicator shows the change in the ratio of market players towards buyers. Their increase while the downtrend may indicate the activity of averaging traders. This can serve as "fuel" for further downtrend.
  4. 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.