USD/JPY Signal Update
Last Thursday’s signals were not triggered.
Today’s USD/JPY Signals
Risk 0.75%
Trades must 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 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.
Long Trade 1
* Go long following a bearish price action reversal on the H1 time frame immediately upon the next touch of 113.25
* Put the stop loss 1 pip above the local swing high.
* 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
Not much has changed since my previous forecast and the pair now looks as if it might be consolidating. The resistance at 114.50 looks very attractive for a short and it has proved itself again as a good level, and such a trade is in line with the long-term trend, which is bearish. It looks as if the support at 113.25 could break down soon.
There is nothing due today concerning either the JPY or the USD.