USD/JPY Signal Update
Yesterday’s signals were not triggered.
Today’s USD/JPY Signals
Risk 0.75%
Trades must be taken between 8am New York time and 5pm Tokyo time today only.
Short Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 111.81 or 112.21.
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 Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 110.45.
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
The bullish move ran out of steam yesterday, and even Tokyo coming online after the holiday in New York has not been able to move the price very far. It is now chopping around at about 111.00 and does not really seem to be going anywhere at the moment.
There is a (possibly minor) bullish trend going on, with the price trend supported by a trend line and key moving averages.
The area of resistance above starting at 111.81 is quite likely to get hit in the foreseeable future and might trigger the start of a resumption of the multi-month bearish trend.
There is nothing due today concerning the JPY. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time.