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

May 30, 2019 5:10:49 PM by Alexander Zorevyk
Forecast Details
PairUSDJPY
Direction Sell
StatusClosed (109.2)
17:09
17:09
May 30, 2019

-35 p
109.95
Stop Loss
109.60
Entry
+40 p
109.20
Target 1
+70 p
108.90
Target 2
Chart & Analyst Comments
USDJPY - Downward trend will continue, Short trade by market price recommended
  1. Majority of traders are still holding onto Longs. This means we should continue to Sell USDJPY.
  2. When the price rises, a signal is formed (orange labels), which implies a downwards movement.
  3. The activity of "fresh" buyers in an uptrend may indicate that the market expects the recovery of the bull trend. However, according to our analysis, this movement is corrective and we expect the price to go down.
  4. In the left orderbook, we see a cluster of stop losses and stop orders right at the level of the previous bottom. This is a good level for placing take profit according to our forecast.