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 from 8am New York time to 5pm Tokyo time only.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 116.09.
* 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.
Long Trade 2
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 115.54.
* 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 117.50.
* 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.
Short Trade 2
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 118.03.
* 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
There was some fairly positive USD news last Friday regarding the average hourly earnings within the U.S. economy, and this helped trigger a bullish pullback. However once the price hit the psychologically important level of 117.50 after this week’s trading session opened, it begun to fall sharply and is again reaching recent lows at around 116.70.
The market is confused at the moment regarding the USD, but as stocks continue to fall and nervousness remains a factor, the JPY should remain strong, suggesting the downwards trend has a good chance of continuing, although it might be subject again to some kind of intervention by the Bank of Japan who will not look kindly upon a strengthening Yen.
There is nothing due today concerning either the JPY or the USD.