USD/JPY Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at the key resistance levels that were reached.
Today’s USD/JPY Signals
Risk 0.75%
Trades may only be entered 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 110.74.
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 109.88, 109.71 and 109.54.
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 had a complete turnaround yesterday, with the price bouncing bullishly up off the long-term supportive trend line which is currently sitting at around 109.40, and ripping through former resistance levels that now all look to have flipped to become support. These sit between 109.88 and 109.13.
The short-term bullish trend survives.
Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time. There is nothing due concerning the JPY.