USD/JPY Signal Update
Last Thursday’s signals were not triggered as there was no bearish price action at 112.69.
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 112.59.
* 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 114.50
* 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
This pair fell convincingly after opening at around 114.00 for the week, but appears to be finding some support close to the key level of 112.59. In spite of the long-term downwards trend and general strength of the Japanese Yen, it is likely this level will hold in the near term.
There is nothing due today concerning either the JPY or the USD.