Giving USD/JPY Another Shot
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.