USD/JPY Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 114.21.
Today’s USD/JPY Signals
Risk 0.75%
Trades may only be entered between 8am New York time and 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 111.00.
* 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
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 115.54.
* 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.
USD/JPY Analysis
This pair rose fairly strongly yesterday before topping out during the late Asian session not far from 115.00. It looked as though 114.00 might start to act as support and hold the price up, but there was a break below there and as at the time of writing we are trading below 114.00.
There are no really key obvious levels below 111.00 and 115.54 and both of these are probably too far away to be of any use before the FOMC release tomorrow. However if the pair found strong support at 113.00 it would not be surprising.
There is nothing due today concerning either the JPY or the USD.