Booking Profit in USD/JPY, After Failing at MAs
USD/JPY retraced higher earlier this week, but the retrace ended at the 50 SMA
On Monday, we opened a sell forex signal in USD/JPY , as this pair was retracing higher, after being sort of bearish last week. This forex pair has been trading sideways since the middle of last month, with the uncertainty being quite high globally.
But, the pressure has been slightly to the downside since then and buyrs were havbing trouble around the 100 SMA (green) on the H4 chart. We decided to open a sell signal there since that moving average had been providing support before for this pair.
But, buyers pushed above the 100 SMA and the price reached the 50 SMA (yellow), which also had been working as support before, while now it turned into resistance. The price formed an upside-down hammer up there, which is a bearish reversing signal and today it reversed back down, hitting our take profit target for our trade. So, that was a good trade, although it took some time to close.
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