USD/JPY Remains Bullish After Jumping Off MAs
[[USD/JPY]] turned bullish at the end of August and it has been trading higher since then. The sentiment improved in financial markets in September as US and China dialed down the trade war rhetoric and in October they struck a partial trade deal.
The USD has been weaken, particularly in October, but the effect of the improving sentiment had a bigger impact on safe havens and the JPY has been weaker than the USD. So, USD/JPY has been climbing higher, although we saw a retrace lower last night.
A senior US official said last night that they might postpone the US-China partial trade deal until December, which hurt the sentiment for a while. USD/JPY slipped lower but the decline ended at the 50 SMA (yellow) which provided support together with the 100 SMA (green). I highlighted these moving averages yesterday and the price did bounce off of them as predicted. Now the sentiment has improved after China promised to roll back tariffs.
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