Selling the Pullback in USD/JPY

[[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.

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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