We´ve been analysing USD/JPY every 3-4 days in the last couple of weeks, but that´s what we do, that´s our job. It´s not really our fault, it´s the market which keeps pushing this forex pair up and down like a basket case.
It´s mainly the market sentiment towards the USD where everyone is focused on. The market (investors, speculators etc) got excited when Trump won, but now they´re not sure how much of him they want.
The last time we checked this forex pair, the price was testing the 1.1250 level for the second time in a few days. But, the USD sentiment was really down and the momentum was strong. The price stopped at that level, but it could have reached as low as 1.10 in no time.
The 20 SMAs are providing some resistance right now
Now this pair is more than 250 pips higher and above 1.15. So, we might have missed the chance to grab a few cents, but we did mention that if you felt confident enough you could as well enter this trade at your own risk. After all, success or failure in forex is individual.
So, if you used that trade idea then you must be sitting in more than 200 pip profit by now. For the rest of us who hesitated to pull the trigger, it´s not all lost. The 50 and 20 SMAs are providing some nice resistance, which might push the price down again, thus giving us another opportunity to open a long term forex signal lower.
We´ll be back with this pair if the market decides to give us another chance, so see you then USD/JPY traders.
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