USDJPY - Upward trend will continue, Long trade by market price recommended
October 22, 2019 6:59:17 AM
Forecast Details
PairUSDJPY
Direction
Buy
StatusClosed (108.35)
+90 p
109.50
Target 2
+50 p
109.10
Target 1
108.60
Entry
-44 p
108.15
Stop Loss
About Author
Alexander Zorevyk
Expert
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Chart & Analyst Comments
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.
- 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.
- The decrease in the buyers volume, together with the increase in the sellers volume, confirms the need to Buy, according to our trading idea.
- 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.