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

October 8, 2019 12:04:27 PM by Alexander Zorevyk
Forecast Details
PairUSDJPY
Direction Sell
StatusClosed (107.5)
12:02
12:02
Oct. 8, 2019

-59 p
107.50
Stop Loss
106.90
Entry
+55 p
106.35
Target 1
Chart & Analyst Comments
USDJPY - Downward trend will continue, Short trade by market price recommended
  1. According to the most brokers’ data, more than half of the traders are currently in long positions on USDJPY. As a result, we recommend considering only Short trades at this time.
  2. The increase in buyers is observed both in the downward movement and in the retracement movements. Retail traders still believe in the possibility of price increase.
  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. Stop loss should be taken out of the buyers cluster. If the price passes it, it will likely go on.