USD/JPY Signal Update
Yesterday’s signals were not triggered as there was no bullish price action at 100.86 or 100.74.
Today’s USD/JPY Signals
Risk 0.75%
Trades may only be taken from 8am New York time until 5pm Tokyo time over 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 101.50 or 100.86.
* 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 100.19 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
We had a strong downwards move during the Asian session, breaking the support which had seemed as if it might provide a springboard for a serious bullish pull back. During the last few hours, the slide has halted at the support level of 110.18 which of course is very close to the psychologically key 100.00 level and also within sight of 18 month lows. The price action of the previous few hours suggests that this support at 100.18 is not going to hold, and that the price is coiling up in readiness of a further move down.
There is nothing due today concerning the JPY. Regarding the USD, there will be releases of Building Permits and CPI numbers at 1:30pm London time.