USDJPY - Upward trend will continue, Long trade using pending order recommended

February 20, 2019 8:14:14 AM by Alexander Zorevyk
Forecast Details
PairUSDJPY
Direction Buy
StatusClosed (110.85)
6:21
6:00
Feb. 20, 2019

+70 p
111.30
Target 2
+40 p
111.00
Target 1
110.60
Entry
-40 p
110.20
Stop Loss
Chart & Analyst Comments
USDJPY - Upward trend will continue, Long trade using pending order recommended
  1. Majority of traders are still holding onto Shorts. This means we should continue to Buy USDJPY.
  2. The Ratios indicator demonstrates a market shift towards sellers. Their increase while the downward movement may indicate a successfully triggered trap. Possible price upward reversal.
  3. There is an increase in Buy Orders when the price attempts to move up. We expect a downward movement to eliminate the accumulated buyers. We recommend to set Buy Limit at 110.6
  4. MVP line is below the price and acts as a support level.
  5. In the left orderbook, we see a cluster of stop losses and stop orders right at the level of the previous peak. This is a good level for placing take profit according to our forecast.