USDJPY - Downward trend will continue, Short trade by market price recommended
May 18, 2020 5:13:10 PM
Forecast Details
PairUSDJPY
Direction
Sell
StatusClosed (107.8)
-55 p
107.80
Stop Loss
107.25
Entry
+55 p
106.70
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 last upward movement was characterized by a “surge” in retail buyers. This is a good reason to start thinking about short positions.
- When the price rises, a signal is formed (orange labels), which implies a downwards movement.
- We see an accumulation of loss buyers above the current price in the right Order Book. This cluster can act as a resistance.
