USD/JPY Signal Update
Yesterday’s signals were not triggered as there was no bullish price action at 102.00.
Today’s USD/JPY Signals
Risk 0.75%
Trades may only be entered from 8am New York time to 5pm Tokyo time.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 102.16.
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.
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 was completely wrong about this pair yesterday, thinking it had room to rise and that the line of least resistance was upwards. In fact the price is plummeting to make new lows. There is minor resistance at 101.50 which might hold this fall and provide a floor, as well as the round number below at 101.00, but the really key number is further still below that at 100.50. Meanwhile we have a nice flipped level above at 102.16.
The momentum is with the long-term downwards trend
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There is nothing due concerning the JPY or the USD.