Another Buy Signal at the 200 SMA in USD/JPY - Forex News by FX Leaders

Another Buy Signal at the 200 SMA in USD/JPY

Posted Thursday, October 12, 2017 by
Skerdian Meta • 1 min read

Yesterday we opened a buy forex signal in USD/JPY. This pair had slipped lower after failing to break the 100 SMA (red) above, but the 200 SMA (purple) was providing support.

There was a quick break of that moving average on the downside at some point, but it didn’t last long and the price climbed back up, eventually hitting our take profit (TP).

Looks like the 200 SMA is holding again.

We are seeing the same chart setup today. USD/JPY has moved lower again from the 100 SMA after failing again to break above it. But again, the 20 SMA is providing solid support.

The H1 forex chart is oversold with stochastic at the bottom of the range, which is turning up at the moment. So, we decided to try our luck again with another buy forex signal.

We’re in profit at the moment, so let’s hope we have another winning signal in this pair after taking a beating overnight on NZD/USD among some general USD weakness.    

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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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