Missed a Great Opportunity to Buy USD/JPY
USD/JPY bounced off the 50 SMA today after forming a bullish reversing chart setup on the H1 time-frame
[[USD/JPY]] turned bullish in the first two weeks of this month as the USD turned bearish due to a weakening US economy. the sentiment improved further in financial markets after the Brexit deal and the partial US-China trade deal, which hurt safe havens, sending this pair higher.
The price has been trading sideways during the last two weeks though, as the uncertainty prevailed. The Brexit deal was going to have a tough time passing the British Parliament, which it did, so traders were waiting to see how the situation was going to evolve in the UK.
But, USD/JPY has made a move today. The price retraced lower to the 50 SMA (yellow) this morning where it found solid support. The price formed a doji candlestick on the H1 chart which is a bullish reversing signal and the stochastic indicator was oversold.
That looked like a good chart setup for a bullish reversal, which eventually came, but we missed it. Now the price is 20 pips higher so we are not going in, in the middle of a move. We missed our chance, now it’s better to wait for another opportunity, rather than trying to catch the trend half way.
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