USD/JPY Signal Update
Last Wednesday’s signals were just 3 pips short of reaching 108.20 and providing a great, nicely profitable long trade, but unfortunately the required price was not hit.
Today’s USD/JPY Signals
Risk 0.75%
Trades may only be entered from 8am New York time until 5pm Tokyo time.
Short Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 109.27 or 109.89.
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 108.20 or 107.50.
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
We have a triple top: three rejections of the zone of resistance that appears to be centred on the level at 109.27. It would seem that the next substantial movement is likely to be downwards. However at the time of writing the price action suggests an immediate attempt at the round number of 109.00, which might hold. The half number below held as support, and the last touch of 108.20 provided a strongly bullish bounce, so there still seems to be plenty of buying pressure.
There are no high-impact events due today concerning either the JPY or the USD.