USD/JPY Signal Update
Yesterday’s signals were not triggered.
Today’s USD/JPY Signals
Risk 0.75%
Trades may only be taken between 8am New York time and 5pm Tokyo time.
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 until at least 109.50.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 109.48 or 108.43.
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
I have been mentioning over the past couple of days that the pair starts to look a little more bullish and this is reinforced by the fact that we now seem to have a new support level at around 109.50, and the price has risen strongly after reaching close to there a couple of hours ago from the time of writing. All will now depend upon whether the level at 110.00 is hit and if so, whether it holds or not.
There is nothing due today regarding the JPY. Concerning the USD, there will be a release of Unemployment Claims and Philly Fed Manufacturing Index data at 1:30pm London time.