USD/JPY Signal Update
Yesterday’s signals produced a losing trade from the bullish inside bar rejecting the identified support level 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.
Short Trade 1
* Short 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 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 112.00.
* 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
There was an important development during the Asian session: the key support level of 113.25 has broken down, and now seems to be acting as resistance, having flipped. This suggests that we are now going to see this pair move down to the next crucial level of 112.00 or at least quite close to it. Of course the JPY benefits when there is a more risk-off bias in the markets and the poor Chinese data that was released a few hours ago has pushed sentiment in that direction.
There is nothing due today concerning either the JPY or the USD.