MAs Keep Pushing USD/JPY Lower - Forex News by FX Leaders
The bearish trend continues on the H1 chart

MAs Keep Pushing USD/JPY Lower

Posted Monday, September 21, 2020 by
Skerdian Meta • 1 min read

USD/JPY dived more than 10 cents lower on the coronavirus panic during late February and early March. But, it reversed up quite fast and made up for the losses in the following weeks. Although, since April the pressure has been on the downside for this pair.

Moving averages have been doing a good job during this time, with the 100 SMA providing resistance for USD/JPY since late June, keeping buyers in check. The uncertainty has kept safe havens such as Gold and the JPY well bid in the past months, while the USD weakens has also been helping sellers here.

During early September we saw some consolidation in this pair, but the bearish trend resumed last week. USD/JPY has declined more than 200 pips since last Monday and moving averages are keeping the pressure on. The 50 SMA (yellow) has been providing resistance during small pullbacks, so we will try to sell pullbacks at that moving average. Although, we will be cautious, because the decline has been too fast and we might see a decent pullback higher before the next leg lower.

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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.
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