USD/JPY Signal Update
Last Thursday’s signals were not triggered as there was no bullish price action at 107.82.
Today’s USD/JPY Signals
Risk 0.75%
Trades must be entered from 8am New York time until 5pm Tokyo time only.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 107.82.
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 105.44 or 104.76.
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 continues to look extremely bearish, breaking easily through the previous support levels. It is hard to see things changing around unless there is a real cause to become more bullish on the USD as a result of some Fed announcement or strong economic data. Stronger US data could arrive at the end of the week with Non-Farm Payrolls.
Regarding the USD, there will be a release of ISM Manufacturing PMI data at 3pm London time. There is nothing due today concerning the JPY as it is a public holiday in Japan.