Giving USD/JPY Another Shot - Forex News by FX Leaders

Giving USD/JPY Another Shot

Posted Thursday, June 8, 2017 by
Skerdian Meta • 1 min read

On Tuesday, I left a sell pending order for USD/JPY at 109.95 after this forex pair finally broke below the 1.10 support level. It got triggered yesterday in the evening as the price retraced up to 110 and it hit take profit overnight.

That was a successful trade, but you can never get enough in forex. We just opened another forex signal in this pair. The entry price is better than the last trade here, although we´re above 110 now.

You could argue that the support-turned-resistance at 110 has been broken, so there´s no point selling up here. But in fact, the support area stretched all the way up to 110.20-30 on the way down, which is likely to provide some resistance now.

We´re trusting this level for another signal

As you can see on the H4 forex chart, the stochastic indicator is overbought which means that the pair is overbought. So, according to this chart pattern, the downtrend is likely to resume soon.

The hourly chart is also oversold, so the small timeframe charts are all pointing down. This is the reason we opened the other forex signal in this pair today.

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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