Booking Profit in USD/JPY, As the Bullish Momentum Continues

USD/JPY has turned bullish again after the retreat yesterday

The bullish trend is back on now

USD/JPY turned quite bearish during last year, declining from around 1.12 to 192.50s in the first week of January. But, the decline stopped down there, with the USD decline also ending and this pair turned quite bullish since then.

The sentiment improved in the last few months, particularly as the US economy kept growing. The JPY lost the safe haven appeal and this pair turned bullish since then. In fact, it turned really bullish, climbing around 700 pips from the bottom.

During this time, moving averages have been doing a great job as support on the H4 chart. Although, yesterday we saw an attempt at reversing down, after the FED meeting and USD/JPY retraced around 60 pips lower. But, we decided to open a buy signal at the 50 SMA (yellow) on the H4 chart and today the bullish trend has resumed again. We booked profit on that trade, now looking for more buying opportunities.

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.

Related Articles

Federal Reserve Chair Jerome Powell has sounded the alarm on a potential trade standstill reminiscent of the pandemic era — a scenario...
6 days ago

Comments

0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

HFM

Doo Prime

XM

Best Forex Brokers