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

June 12, 2020 6:25:55 AM by Alexander Zorevyk
Forecast Details
PairUSDJPY
Direction Sell
StatusClosed (107.2)
5:37
5:37
Jun. 12, 2020

-79 p
108.00
Stop Loss
107.20
Entry
+79 p
106.40
Target 1
+120 p
106.00
Target 2
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. MVP line is above the price and acts as a resistance level.
  3. The last upward movement was characterized by a “surge” in retail buyers. This is a good reason to start thinking about short positions.
  4. Visually assessing the ratio of buyers and sellers, we see that retail buyers dominate on the market. This fact favors the Short Orders.
  5. The SLC indicator displays a cluster of Stop Losses and Stop orders straight at the previous low level, which according to our forecast, is good for placing Take Profit.