USDJPY - Downward trend will continue, Short trade by market price recommended
June 12, 2020 6:25:55 AM
Forecast Details
PairUSDJPY
Direction
Sell
StatusClosed (107.2)
-80 p
108.00
Stop Loss
107.20
Entry
+80 p
106.40
Target 1
+120 p
106.00
Target 2
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 long positions on USDJPY. As a result, we recommend considering only Short trades at this time.
- MVP line is above the price and acts as a resistance level.
- The last upward movement was characterized by a “surge” in retail buyers. This is a good reason to start thinking about short positions.
- Visually assessing the ratio of buyers and sellers, we see that retail buyers dominate on the market. This fact favors the Short Orders.
- 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.
