USD/JPY Signal Update
Yesterday’s signals were not triggered.
Today’s USD/JPY Signals
Risk 0.75%
Trades must be taken from 8am New York time to 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 113.25
* 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 112.00.
* 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
The price has continued to move down in line with both the short term bias due to the breakdown of the formerly supportive level at 113.25 and the long term bias which is bearish due to the trend that can be seen on a long term chart. The next test will probably come at or very close to the 112.00 level which previously saw strong buying so can be expected to be supportive, at least to some extent.
There is nothing due today concerning the JPY. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.