USD/JPY Signal Update
Yesterday’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 110.00.
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 bullish price action reversal on the H1 time frame immediately upon the next touch of 107.57.
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 action has shifted elsewhere now, away from the Japanese Yen, as this pair begins to consolidate above the crucial psychological level of 107.50. It looks as if there is new resistance becoming defined at around 108.50 and there is probably also going to be minor resistance at around 109.00, so these are two areas where it could make sense to look for short trades before the more major level of 110.00.
We may well get a healthy pullback, but there is no doubt that the long-term trend here is still very bearish.
There is nothing due today regarding either the JPY or the USD.