The market has stabilized, the first signs of a downtrend appeared

April 30, 2020 8:04:40 AM by Alexander Zorevyk
Forecast Details
PairUSDJPY
Direction Sell
StatusClosed (106.7)
8:02
8:02
Apr. 30, 2020

-59 p
107.60
Stop Loss
107.00
Entry
+59 p
106.40
Target 1
+79 p
106.20
Target 2
Chart & Analyst Comments
The market has stabilized, the first signs of a downtrend appeared

For this forecast, we recommend to set Sell Limit at the following price - 107. This idea is based on the following analysis:

  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. MVP line is above the price and acts as a resistance level.
  3. The last downward movement has brought a volume of sellers, which implies a small price correction. Enter the deal with a Sell Limit order.