USD/JPY Signal Update
Last Thursday’s signals were not triggered as there was no bullish price action when 113.00 was reached.
Today’s USD/JPY Signals
Risk 0.75%
Trades must be taken from 8am New York time until 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 112.00.
* 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
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 113.63.
* 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.
USD/JPY Analysis
I had been expecting support as quite likely to arrive at 112.00 but instead it seems as if we got it at the psychological number of 112.50. The price is now moving up quite smoothly in line with the strengthening USD, but the level at 113.62 is likely to provide some resistance as it was previously support that put up a struggle before being broken down.
There is nothing due today concerning either the JPY or the USD.