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