USD/JPY Signal Update
Yesterday’s signals were not triggered because the bearish price action took place above 112.00.
Today’s USD/JPY Signals
Risk 0.75%
Trades may only be taken from 8am New York time until 5pm Tokyo time.
Short Trade 1
* Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 112.32
* 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 extremely bearish price action reversal on the H1 time frame immediately upon the next touch of 111.00.
* 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 broke up past the anticipated resistance at the round number of 112.00, but it looks as if the inflection point of 112.32 might well act as a good further resistance level. There is support the closer the price gets to 111.00 and there is probably very strong buying at areas close to that level.
There is nothing due today concerning either the JPY or the USD.