USD/JPY Signal Update
Last Thursday’s signals were not triggered.
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
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of the higher broken trend line currently sitting at around 113.80.
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 1
Go long following extremely bullish price action reversal on the H1 time frame immediately upon the next touch of 112.93.
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
The price has arrived at a crucial area: the confluence of two trend lines that formed the previous consolidating triangle. The difficulty is that the lower trend line is ambiguous and this is the trend line which has arguably been hit. Therefore an aggressive short trade is possible already, which would be in line with the longer-term trend, but a touch of the higher trend line followed by a sharp fall would be a more conservative option by far, especially if that happens at 113.80 which was a previous key swing high.
There is nothing due today concerning either the JPY or the USD.