USD/JPY has been trading in a 60 pip range over the last few days, with 111.60 as the top and 111 as the bottom range.
If you have been following our forex signals, we played this range a couple of times at the end of last week, with a buy and a sell signal in this forex pair, both of which closed in profit.
Today though, the range has become even narrower, with the top shifting down to the middle of yesterday´s range. The 100 SMA (green) kept sliding down on the hourly forex chart and now it has met the 50 SMA (yellow). They have teamed up together and have been harassing the buyers at 111.30 all morning.
It´s for this reason that we decided to open the latest sell forex signal in this pair. We pulled the trigger a while ago, just before the bears gave up and this pair decided to move lower again.
Let´s hope we reach the bottom of the range
There´s still some space until we reach TP, but this forex trade looks pretty good at the moment. The market sentiment is not that positive, following last night´s terrorist attack in Manchester, so the safe haven currencies are in slight demand today.
Our EUR/CHF signal that we opened yesterday closed in profit a few minutes ago. Hopefully, the USD/JPY signal will do the same soon, since the H1 chart is overbought already and heading down.
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