USD/JPY Signal Update
Last Thursday’s signals were not triggered and expired.
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 2
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 120.28.
Put the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 20 pips in profit.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 120.08.
Put the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 20 pips in profit.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 121.79.
Put the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 20 pips in profit.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
USD/JPY Analysis
There has been quite a change in the behaviour of this pair, with the bullishness continuing and even increasing towards the end of last week. Resistance levels are not holding and have been wiped out. In fact we are building new support levels below a little way above 120 and we may be building a new one now at about 120.90 although it is really too soon to tell.
There is certainly resistance above 121.50 and if we can reach any time soon 121.79 I think this will be very strong resistance.
There is nothing due today regarding either the JPY or the USD.