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

February 6, 2019 8:21:12 AM by Alexander Zorevyk
Forecast Details
PairUSDJPY
Direction Buy
StatusClosed (110.1)
6:07
6:00
Feb. 6, 2019

+60 p
110.35
Target 2
+40 p
110.15
Target 1
109.75
Entry
-45 p
109.30
Stop Loss
Chart & Analyst Comments
USDJPY - Upward trend will continue, Long trade by market price recommended
  1. Majority of traders are still holding onto Shorts. This means we should continue to Buy USDJPY.
  2. Analyzing the positions ratio, we see that most traders are currently in Shorts, which also combines with the original idea.
  3. Downward movement is accompanied by the activity of sellers who will serve as a "fuel" for upward price movement.
  4. We see an accumulation of loss sellers below the current price in the right Order Book. This cluster can act as a support.
  5. In the left orderbook, we see a cluster of stop losses and stop orders right at the level of the previous peak. This is a good level for placing take profit according to our forecast.