Looks Like USD/JPY Is Resuming This Year’s Bullish Trend Again
[[USD/JPY-sponsored]]
USD/JPY was quite bearish last year as the USD was declining against all currencies, while in Q1 of this year it turned bullish. The USD decline stopped while safe havens such as the JPY and Gold turned bearish, sending this pair more than 7 cents higher.
But, this month the USD decline resumed again and USD/JPY turned bearish. The 20 SMA (gray) was acting as resistance on the H4 chart, pushing the price down, although earlier this week the 20 SMA and the 50 SMA (yellow) were broken.
The 100 SMA (green) provided resistance yesterday for this pair, sending the price down. But, the 20 SMA turned into support and this pair bounced off that moving average, now finding itself above the 100 SMA for good.
The FED vowed to keep the monetary policy loose yesterday, brushing aside the economic data, which sent the USD down. But, the JPY is even weaker this week, after the Bank of Japan also vowed to remain dovish forever. So, the JPY has turned massively bearish now, so the bullish trend should resume again in this pair.
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