USD/JPY Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 113.25.
Today’s USD/JPY Signals
Risk 0.75%
Trades may only be entered between 8am New York time and 5pm Tokyo time today.
Short Trade 1
• Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 114.50
• 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.
Long Trade 1
• Long entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 113.25.
• 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
The price rose after reaching quite close to the anticipated support at 112.00, and broke up past the anticipated resistance at 113.25, a level to which it has not yet returned. This suggests a more bullish bias over the short-term, especially if any retest of 113.25 produces a further bullish bounce, with a move back up to 114.50 in sight.
There is nothing due today concerning the JPY. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.