USD/JPY Signal Update
Last Thursday’s signals were not triggered as there was no bullish price action when the price reached 106.63 or 106.48.
Today’s USD/JPY Signals
Risk 0.75%
Trades must be taken from 8am New York times to 5pm Tokyo time over the next 24 hours.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone between 107.20 and 107.48.
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.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 104.81 or 103.89.
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
There was a change in sentiment towards the end of last week when the Governor of the Bank of Japan said there would be no “helicopter money”, and this led to a sharp rise in the Yen, but the price has been creeping up again to the resistant peak under the key psychological level of 107.50. There is a bullish trend line holding the price up although it is starting to look susceptible to a bearish breakdown.
Nevertheless it seems quite risk to short this pair before some kind of double top or lower top is formed in the area between 107.20 and 107.50.
There is nothing due today concerning either the JPY or the USD.