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USDJPY - Upward trend will continue, Long trade by market price recommended

July 4, 2022 8:46:32 AM by Alexander Zorevyk
Forecast Details
PairUSDJPY
Direction Buy
StatusClosed (136.10)
8:46
8:46
Jul. 4, 2022

+80 p
136.10
Target 1
135.30
Entry
-80 p
134.50
Stop Loss
Chart & Analyst Comments
main-buy-market-trend-1

For today's forecast, we recommend a Buy Order at this recommended market price - 135.3. This idea is based on the following analysis:

  1. According to the most brokers’ data, more than half of the traders are currently in short positions on USDJPY. As a result, we recommend considering only Long trades at this time.
  2. The last downward movement was characterized by a “surge” in retail sellers. This is a good reason to start thinking about long positions.
  3. MVP line is below the price and acts as a support level.
  4. We should set the target of our trade at the closest level with a large number of Stop orders, as signaled by the SLC indicator.
  5. This cluster of orders acts as a support. For our forecast, stop loss is reasonable to set lower than this cluster.
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