USD/JPY Signal Update
Last Thursday’s signals were not triggered and expired.
Today’s USD/JPY Signals
Risk 0.50%
Trades must be taken only between 8am New York time and 5pm Tokyo time.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 117.94
* 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 118.78.
* 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 119.65.
* 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
If you looked at a daily chart just before the weekly close last Friday, you would have seen a very bullish-looking formation suggestive of a continuing move up to something like the 120 area.
However the price was actually just bumping up against a very well-defined resistance level I have had marked for some time, at 118.78, and has now begun falling from there as last week’s risk rally stalls. The risk rally was pushing down the Yen, but is no longer in force to do so.
It looks as if the price will now fall to 117.94 where it might find support and begin to move up again.
There is nothing due today concerning either the JPY or the USD.