For today's forecast, we recommend a Buy Order at this recommended market price - 135.3. This idea is based on the following analysis:
- 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.
- The last downward movement was characterized by a “surge” in retail sellers. This is a good reason to start thinking about long positions.
- MVP line is below the price and acts as a support level.
- 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.
- This cluster of orders acts as a support. For our forecast, stop loss is reasonable to set lower than this cluster.