USD/JPY Signal Update
Yesterday’s signals were not triggered, as the bullish price action took place some way below the identified support level at 100.50.
Today’s USD/JPY Signals
Risk 0.75%
Trades may only be entered from 8am New York time to 5pm Tokyo time.
Short Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 101.46 or 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 100.00.
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 wrote yesterday that the price would consolidate before the release between 100.50 and 101.20.
In fact the price did make a low well below 100.50, and we must remove 100.50 as a key level from the chart. However we do have a new key flipped resistance level above at 101.46, which was both a key swing low and now a swing high.
The long-term trend and outlook are bearish so I am more confident looking for a short following another pullback to 101.46 than anything else.
There is nothing due today concerning the JPY. Regarding the USD, there will be a release of ADP Non-Farm Employment Change data at 1:15pm London time followed by Unemployment Claims data 15 minutes later. Then at 4pm there will be a release of Crude Oil Inventories.