USD/JPY Signal Update
Last Thursday’s signals expired without being triggered as the bearish price action took place above 118.00.
Today’s USD/JPY Signals
Risk 0.50%
Trades must be entered between 8am New York time and 5pm Tokyo time only.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 116.82.
* Place the stop loss 1 pip below the local swing low.
* Adjust the stop loss to break even once the trade is 20 pips in profit.
* Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Short Trade 1
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 118.00.
* Place the stop loss 1 pip above the local swing high.
* Adjust the stop loss to break even once the trade is 20 pips in profit.
* Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Short Trade 2
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 118.72.
* Place the stop loss 1 pip above the local swing high.
* Adjust the stop loss to break even once the trade is 20 pips in profit.
* Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
USD/JPY Analysis
This pair has been in a fairly strong downwards trend, especially since breaking down past crucial support at 119.66 just after last week opened. The trend remains intact but we have had a good pullback off support at 116.82. As long as the price cannot rise above 118.00 meaningfully, we can say that this trend remains strong and the area close to 118.00 remains a place to seek selling opportunities.
There is nothing due today concerning either the JPY or the USD.