USD/JPY Signal Update
Last Thursday’s signals were not triggered.
Today’s USD/JPY Signals
Risk 0.75%
Trades must be taken between 8am and 5pm Tokyo time today only.
Short Trade 1
No short trade.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 102.00.
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
I had thought that 103.10 was going to hold as a high last week, but it was broken with the price eventually getting close to 103.50 before falling fairly heavily. However the price has actually risen a little since this week’s open and this is probably driven mostly by the market’s expectation of greater monetary stimulus generally.
It seems as if there is support at the next round number below at 102.00.
It is difficult to judge resistance, as there is not really any key level in place before the 106.00 handle. This suggests that although the pair is in a strong, long-term downwards trend, it might have quite a lot of room to rise. In the short-term the line of least resistance seems to be upwards.
There is nothing due concerning the JPY or the USD. It is a public holiday in the U.S.A.