We are expecting downward trend to continue for USDJPY currency pair. Short trades only. See below for the summary of analysis:
- 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.
- MVP line is above the price and acts as a resistance level.
- The Profit Ratio reversal indicator doesn't react on downward movement. This means that the movement is not fake.
- We see an accumulation of loss buyers above the current price in the right Order Book. This cluster can act as a resistance.