USDJPY - Downward trend will continue, Short trade by market price recommended
July 17, 2019 4:14:18 PM
Forecast Details
PairUSDJPY
Direction
Sell
StatusClosed (107.7)
-50 p
108.60
Stop Loss
108.10
Entry
+50 p
107.60
Target 1
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.
- 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.
- When the price rises, a signal is formed (orange labels), which implies a downwards movement.
- This cluster of orders acts as a resistance. For our forecast, stop loss is reasonable to set higher than this cluster.