USD/JPY Signal Update
Yesterday’s signals were not triggered as the price never reached any of the key levels.
Today’s USD/JPY Signals
Risk 0.75%
Trades may only be entered from 8am New York time and 5pm Tokyo time.
Short Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 105.44 or 106.30.
Place the stop loss 1 pip above the local swing high.
Adjust 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 ride.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 103.10 or 102.74.
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.
Take off 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 price has tested the 105 level again but has not been able to really get going anywhere in advance of the big British referendum vote due today.
A surprise Leave vote should send this pair falling sharply. A Remain vote should see a rise to and test of 106.25.
There is nothing due concerning the JPY. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.