USD/JPY Signal Update
Yesterday’s signals were not triggered as there was no bullish price action at 118.00.
Today’s USD/JPY Signals
Risk 0.50%
Trades may only be taken from 8am New York time until 5pm Tokyo time.
Long Trade 1
* Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 116.82.
* 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 118.36.
* 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.
Short Trade 2
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 118.78.
* 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
I had thought yesterday that 118.00 was going to be supportive and although this level was briefly fought over, in the end it broke down quite easily. A look at the chart shows that the area at around 118.36 has instead become the pivot instead of the round number.
Although the JPY benefits whenever there is a big fall in stocks or any fear, so does the USD, so this may not be giving such big moves any more. Nevertheless still a slightly bearish bias overall.
There is nothing due today concerning the JPY. Regarding the USD, there will be a release of Unemployment Claims at 1:30pm London time.