USDJPY - Upward trend will continue, Long trade by market price recommended

October 22, 2019 6:59:17 AM by Alexander Zorevyk
Forecast Details
PairUSDJPY
Direction Buy
StatusClosed (108.35)
6:57
6:57
Oct. 22, 2019

+90 p
109.50
Target 2
+50 p
109.10
Target 1
108.60
Entry
-44 p
108.15
Stop Loss
Chart & Analyst Comments
USDJPY - Upward trend will continue, Long trade by market price recommended

Previous price movement provoked sellers to action, but having made a fake manoeuvre, it returned upwards. Now is a good time to enter the market with a Buy Order.

  1. According to the most brokers’ data, more than half of the traders are currently in short positions on USDJPY. As a result, we recommend considering only Long trades at this time.
  2. The decrease in the buyers volume, together with the increase in the sellers volume, confirms the need to Buy, according to our trading idea.
  3. 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.