USD/JPY Trading Between 2 MAs, After Failing at the 100 Daily SMA - Forex News by FX Leaders
The situation in USD/JPY is still uncertain

USD/JPY Trading Between 2 MAs, After Failing at the 100 Daily SMA

Posted Thursday, July 2, 2020 by
Skerdian Meta • 1 min read

USD/JPY has been quite undecided since the pandemic started. It dived more than 10 cents lower during late February, but claimed back almost all the losses in March. Since then, this pair has been trading sideways, with a tendency to the downside.

Although, we saw another jump in the first week of June, but the climbed ended below 1.10 and reversed down again. The price fell to 106 last week, but this week the pressure turned to the upside again and USD/JPY has been climbing higher in the last several days.

Although, as the daily chart shows, buyers failed to break above the 100 SMA (green) on the daily chart. That moving average held as resistance and rejected the price, but at the bottom, the 50 SMA (yellow) is providing support for USD/JPY on the daily chart. So, this shows that this pair is uncertain now and will be trading sideways for a few more sessions.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

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.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of