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

May 18, 2020 5:13:10 PM by Alexander Zorevyk
Forecast Details
PairUSDJPY
Direction Sell
StatusClosed (107.8)
17:11
17:11
May 18, 2020

-54 p
107.80
Stop Loss
107.25
Entry
+54 p
106.70
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 only Short trades at this time.
  2. The last upward movement was characterized by a “surge” in retail buyers. This is a good reason to start thinking about short positions.
  3. When the price rises, a signal is formed (orange labels), which implies a downwards movement.
  4. We see an accumulation of loss buyers above the current price in the right Order Book. This cluster can act as a resistance.