USD/JPY Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 107.82.
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
This pair is still the strongest mover so far of this week, especially with the USD/CAD turning downwards following its bearish rejection of 1.3000. I had thought that there may be a turn at the 50% level of the recent strong move down at 108.72 but the market did not pay a lot of attention to this level. In fact, the chart suggests it may now be acting as minor support!
It looks as if we will reach 109.00 and a little way above that there is an interesting point at around 109.25 where a turn might occur.
The long-term trend is still bearish, but the sentiment is bullish.
There are no high-impact events due today concerning either the JPY or the USD.