USD/JPY has been trading slightly bearish since the first week of June. In the first few days of last month, this pair surged around 300 pips higher as sentiment improved and safe havens such as the JPY tumbled lower, sending USD/JPY climbing higher.

But, we saw a reversal just below 110 and since then the trend has been bearish for safe havens. Pullbacks higher have been good opportunities to sell this forex pair, especially in recent weeks, when the 50 SMA (yellow) and the 100 SMA (green) turned from support into resistance.

We opened a sell forex signal at the 100 SMA last week, which closed in profit as this pair turned bearish again. Earlier today, we saw a pullback higher, but buyers are finding trouble pushing above the 50 SMA. So, we decided to take another shot and open another sell forex signal in USD/JPY, now we’re waiting for the 50 SMA to reject the price.