Missed a Great Opportunity to Buy USD/JPY

[[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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ABOUT THE AUTHOR See More
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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