USD/JPY Signal Update
Yesterday’s signals were not triggered as neither of the key levels were ever reached.
Today’s USD/JPY Signals
Risk 0.75%
Trades may only be entered from 8am New York time to 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 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 Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 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
There is little to say about this pair, it remains within a tight range showing very choppy action. The price just continues to revolve around the 100.40 pivot which I identified in yesterday’s forecast
.
There is nothing due today concerning the JPY. Regarding the USD, there will be a release of Core Durable Goods Orders and Unemployment Claims data at 1:30pm London time.