We closed the last USD/JPY signal this morning as this forex pair climbed higher after yesterday’s retrace lower. It did give us a bit of a scare last evening, but the market turned around in favor of the USD, so we got our pips from that signal.

Now, USD/JPY is sliding lower again, and the price is hanging around the opening price of our last signal here. We have touched the 100 SMA (green) which is providing some form of support as well, so that’s a sign for buyers.

This H1 chart looks bullish enough to me.

Another bullish sign is the previous hourly candlestick. It closed as a pin, which is a reversing signal. The price has slipped lower in the last couple of hours after topping out at 114.34, so according to the candlestick trading strategies, now we are supposed to see a reversal higher.

The stochastic indicator is not oversold yet, which doesn’t fall in line with the rest of the technical indicators. But, this forex pair is feeling bullish today, and the USD is finding some nice bids. So, most of the indicators are pointing up. Let’s see how this chart setup will unfold from here.