USD/JPY Signal Update
Last Thursday’s signals were not triggered as there was no bearish action when the price reached 104.23.
Today’s USD/JPY Signals
Risk 0.75%
Trades must be taken from 8am New York time until 5pm Tokyo time only.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 105.44.
Put the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 20 pips in profit.
Adjust 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 103.10.
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.
Adjust 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 like many other pairs has gapped up at the weekly open in the “risk-on” direction as a Brexit vote next Thursday starts to look like a less likely probability.
The key resistance level at 104.75 has held, and it is starting to look as if the minor support at 104.50 is going to break down as at the time of writing, and also that the gap will be filled.
There is nothing due today concerning either the JPY or the USD.