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

July 17, 2019 4:14:18 PM by Alexander Zorevyk
Forecast Details
PairUSDJPY
Direction Sell
StatusClosed (107.7)
16:11
16:11
Jul. 17, 2019

-50 p
108.60
Stop Loss
108.10
Entry
+50 p
107.60
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 going only short at this time.
  2. The increase in buyers is observed both in the downward movement and in the corrective movements. Retail traders still believe in the possibility of rising prices.
  3. When the price rises, a signal is formed (orange labels), which implies a downwards movement.
  4. This cluster of orders acts as a resistance. For our forecast, stop loss is reasonable to move further than this cluster.