USD/JPY Signal Update
Yesterday’s signals were not triggered as none of the key levels were reached.
Today’s USD/JPY Signals
Risk 0.75%
Trades may be taken only from 8am New York time until 5pm Tokyo time, during the next 24 hours.
Short Trades
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 100.44, 101.00 or 101.50.
* 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.
Long Trades
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 100.00 or 99.00.
* 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
Action has been fairly choppy and with low volatility too, making it a difficult market in which to generate any profits. However, we are seeing some fairly clear support and resistance points being carved out. Although there is a long-term downwards trend, we have seen support keep arriving below the psychologically key 100.00 level, and this has just happened again in recent hours.
The area around 100.40 has been pivotal, but weak. The zone at around 101.00 looks like being much stronger resistance.
There is nothing due today concerning the USD or the JPY.