USD/JPY Signal Update
Last Thursday’s signals were not triggered.
Today’s USD/JPY Signals
Risk 0.75%
Trades must 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 109.00.
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 bullish price action reversal on the H1 time frame immediately upon the next touch of 107.57.
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.
USD/JPY Analysis
The pair gapped down below the support level at 108.43 which is already being retested from the other side, and may now act as resistance and hold as a high of the day. However, that looks doubtful at present, so I would not be looking for a short trade there the way things stand right now. Instead, the round number at 109.00 looks like a safer and more reliable resistance level.
The Yen was very strong following the OPEC failure to agree oil production levels yesterday, but has been falling off strongly over the last couple of hours. The gap might well get filled very soon.
There is nothing due today regarding either the JPY or the USD.