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 only.
Short Trades
No short trades today.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 103.57 or 102.16.
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
Yesterday saw this pair continue its very strong rise, reaching a high just a few pips short of the psychologically important level of 105.00, but since that point it has turned around and fallen a maximum of about 100 pips. It is hard to see this pair falling a great deal further today but it does turn very easily and the current price action points to a consolidating triangle which might well break down. However, the lower support of this area is a round number at 104.00 suggesting some buying is stepping in there, so probably bears have had already had their move for now and are going to be disappointed if they try to push it any further.
There is nothing due today concerning the JPY. Regarding the USD, there will be a release of Crude Oil Inventories data at 3:30pm London time.