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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 (104.7)
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
USDJPY - Downward trend will continue, Short trade by market price recommended
  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.