USD/JPY Signal Update
Last Thursday’s signals were not triggered as the bullish action took place just a little below 109.48.
Today’s USD/JPY Signals
Risk 0.75%
Trades must be entered from 8am New York time until 5pm Tokyo time only.
Short Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 111.81 or 112.21.
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 Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 110.74 or 109.48.
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
This pair really took off the day after my last signals, on Friday, when Bloomberg reported that the Bank of Japan was planning to introduce more negative interest rates. The price printed more flipped resistance to support at 109.27. There were also two more levels above that which now look to be probable support if the price retraces to either of them.
It will be interesting to see what happens next. The possible developments are wide, because there will be very key central bank inputs for both currencies within this pair.
There is nothing due today regarding either the JPY or the USD.