USDJPY - Upward trend will continue, Long trade by market price recommended
February 11, 2020 8:02:01 AM
Forecast Details
PairUSDJPY
Direction
Buy
StatusClosed (110.07)
+65 p
110.50
Target 1
109.85
Entry
-54 p
109.30
Stop Loss
About Author
Alexander Zorevyk
Expert
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Chart & Analyst Comments
- 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.
- Analyzing the positions ratio, we see that most traders are currently in Shorts, which also combines with the original idea.
- The activity of "fresh" sellers in a downtrend may indicate that the market expects the recovery of the bear trend. However, according to our analysis, this movement is corrective and we expect the price to go up
- MVP line is below the price and acts as a support level.
- The price increase will be accompanied by the trigger of market crowd’s stop losses, which in turn will serve as a "fuel" for the upward movement.