Getting On With the Bullish trend in USD/JPY
USD/JPY has been bullish for 2 weeks but it retraced lower today. Although, we saw this pullback as a good chance to get in the bullish...
The US Dollar has started the week with a really positive attitude. It opened with a gap higher in major most pairs and, after a small refreshing of the trend, it resumed the uptrend which it started at the end of last week and it is now still pushing higher.
USD/JPY climbed around 40 pips this morning during the Asian session but it made a small retrace lower during the last couple of hours. But, the trend is still bullish, so we decided to make use of this retrace and get in the bullish trend, trying to make some pips.
We decided to go long at the 50 SMA (yellow). This moving average provided support last Friday and we went long at this indicator that day. That signal closed during the bullish move this morning. Now, the price is back at this moving average, so we are using it again for a trade since it is providing support once more today.
The retrace lower also seems complete because the stochastic indicator is oversold now. Besides that, the previous candlestick closed as a doji which is a reversing signal after the retrace. So, we have four technical indicators telling us to go long and that’s what we did.
Now, let’s see if the buyers will get active again as they have been doing for the last two weeks.
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