USD/JPY Signal Update
Last Thursday’s signals were not triggered.
Today’s USD/JPY Signals
Risk 0.75%
Trades may only be made 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 112.21.
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 extremely bullish price action reversal on the H1 time frame immediately upon the next touch of 111.05.
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 price initially found some support around 121.21, before finally breaking down decisively below that level, which now looks likely to have flipped to become resistance as the USD weakens. I had thought that the Bank of Japan were intervening to prop up the price at 112.00, but they may still begin buying as we get close to 111.00 which is where they seemed to begin working the first time the price reached that area a few weeks ago. Having said that, there is a strong bearish trend without doubt and going long here is trading against one of the strongest currencies: the Japanese Yen.
There is nothing due today concerning the JPY or the USD.