Switching From EUR/USD To USD/JPY
Skerdian Meta • 1 min read
Yesterday we opened a buy forex signal in EUR/USD at 1.1150 since it was/is a support level. This pair dived to 1.1130 yesterday, but as I mentioned in one of the updates today, the 100 SMA on the h4 chart did a pretty good job in scaring the sellers away.
The price reversed today and after encountering some resistance by the 50 SMA on the H1 chart, it finally managed to break above it.
It reached 1.1168 a while ago, but it seemed to stall there, so we decided to close that forex signal manually.
The other reason for closing that forex trade is that we wanted to reduce the exposure. We spotted a nice trade setup in USD/JPY and decided to switch to this pair instead, while closing the previous forex signal for whatever profit there was at the time.
I missed a chance to go long USD/JPY this morning when the H4 chart became oversold and the price got close to the 100 SMA. The price jumped around 70 pips in a few hours after that.
The uptrend is progressing nicely
But, the price retraced lower in the afternoon and switching to the hourly chart we see that the price touched the 100 SMA, formed a pin and is now continuing higher.
Stochastic reached the oversold area as well, so that´s the perfect trade setup for longs. Right now the price is climbing higher and hopefully, it will reach our take profit target soon.
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