USD/JPY Signal Update
Yesterday’s signals were not triggered.
Today’s USD/JPY Signals
Risk 0.75%
Trades may only be entered from 8am New York time until 5pm Tokyo time.
Short Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 102.50, 102.74 or 103.10.
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 100.50.
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
I wrote yesterday that “rather than fall, the environment over the coming days may benefit both currencies, leading to a consolidation around or even above the psychologically important 102.50 level.” This seems to be exactly what has taken place and it remains so, with no real change to the technical picture.
However if there is strong direction movement in the near future, it is most likely to be downwards, with a “safe haven” sentiment environment and a long-term bearish trend both pushing in that direction.
There is nothing due concerning the JPY. Regarding the USD, there will be a release of Final GDP data at 1:30pm London time, followed later by CB Consumer Confidence at 3pm.