USDJPY - Downward trend will continue, Short trade by market price recommended
October 30, 2020 7:35:47 AM
Forecast Details
PairUSDJPY
Direction
Sell
StatusClosed (104.7)
-75 p
105.10
Stop Loss
104.35
Entry
+75 p
103.60
Target 1
About Author
Alexander Zorevyk
Expert
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Total votes: 9
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Chart & Analyst Comments
- 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.
- In this sideways movement, retail traders prefer to hold long trades. There seem to be a major player interest in an downward movement.
- MVP line is above the price and acts as a resistance level.
- The price decrease will be accompanied by the trigger of market crowds’ stop losses, which in turn will serve as a "fuel" for the downward movement.
