USD/JPY Signal Update
Yesterday’s signals were not triggered as none of the key levels were reached
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 Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 108.43 or 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
This pair has risen due to the strong USD, but may now have peaked at around 109.50 where there seems to have been some resistance, with the price now falling about 30 pips from there as at the time of writing. It is quite likely that the price will be slow until shortly after the New York open when there will be releases of two items of crucial U.S. economic data.
There is nothing due today regarding the JPY. Concerning the USD, there will be releases of CPI and Unemployment Claims data at 1:30pm London time.