1. The bearish trend has picked up pace overnight
2. The retrace up seems complete
3. The 20 SMA is providing resistance
4. The sentiment is still negative
The trend in USD/JPY is bearish and it extended the bearish move during the night with the market sentiment remaining negative. Although, it has retraced up in the last few hours. The retrace seems complete since stochastic is now overbought. Besides that, the 20 SMA (grey) is providing resistance for this pair, so we decided to open a sell forex signal.
2. The retrace up seems complete
3. The 20 SMA is providing resistance
4. The sentiment is still negative
The trend in USD/JPY is bearish and it extended the bearish move during the night with the market sentiment remaining negative. Although, it has retraced up in the last few hours. The retrace seems complete since stochastic is now overbought. Besides that, the 20 SMA (grey) is providing resistance for this pair, so we decided to open a sell forex signal.