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

October 30, 2020 7:35:47 AM by Alexander Zorevyk
Forecast Details
PairUSDJPY
Direction Sell
StatusClosed (104.70)
7:34
7:34
Oct. 30, 2020

-75 p
105.10
Stop Loss
104.35
Entry
+75 p
103.60
Target 1
Chart & Analyst Comments
main-sell-market-trend-1
  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. In this sideways movement, retail traders prefer to hold long trades. There seem to be a major player interest in an downward movement.
  3. MVP line is above the price and acts as a resistance level.
  4. 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.
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