We opened a buy forex signal in USD/JPY today. Some of you would wonder why did we exactly opened a forex signal in this pair and not in any other forex pair. Well, let´s have a look at the reason behind this forex signal and the trade setup.
There´s a number of forex indicators that were signaling to buy this USD/JPY. The first reason is the uptrend that this pair has been in since bottoming at 99 after the Brexit vote last Friday. The second indication was the reason that this pair completed a retrace down and reached oversold levels in the hourly chart which is signaled by the stochasic indicator in the same timeframe chart.
Too many indicators signalling to buy
Beisdes that, the RSI was oversold as well in the H1 timeframe forex chart and in the H4 chart the stochastic was getting close to oversold too. Adding to that was the 100 moving average on the H1 chart which was providing strong support. In forex you never get a 100 percent safe trade but you count your odds and all the indicators were pointing up, so that was the reasonable thing to do.
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