USD/JPY Signal Update
Yesterday’s signals were not triggered as the bearish reversal occurred a little way above the anticipated resistance level at 102.74.
Today’s USD/JPY Signals
Risk 0.75%
Trades must be taken between 8am New York time and 5pm Tokyo time only
Short Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 102.74 or 103.10.
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.
Remove 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 100.50.
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.
Remove 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
Action over the previous day was bearish, with the price starting to fall meaningfully as the Asian session got under way last night, being sold off from 102.75 and 102.50.
However the London session has seen a steady rise and it looks as if the resistant areas at 102.74 and 103.10 are going to be tested again.
I do not see any reason why at least 103.10 is not going to hold as a high this week.
There is nothing due concerning the JPY. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.