USD/JPY Signal Update
Yesterday’s signals expired without being triggered.
Today’s USD/JPY Signals
Risk 0.50%
Trades may only be taken between 8am and 5pm New York time only, and then after 8am Tokyo time later.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 118.00.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 25 pips in profit.
Remove 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to ride.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 121.80.
Put the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once the trade is 25 pips in profit.
Remove 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to ride.
USD/JPY Analysis
This pair has broken down below its anticipated support at around 120.50 quite strongly, although it is hard to read too much into this because the chart suggests that the support will stretch quite a long way down, probably all the way down to 119.50. Therefore it is too early to see this as a sign that we are going to head back down towards 118.00.
There are not really any crucial levels between 118.00 and 121.80, but it should be noted there was support previously at both 119.00 and 118.50.
There is nothing due today regarding the JPY. Concerning the USD, there will be a release of ISM Manufacturing PMI data due at 3pm London time.