USD/JPY Signal Update
Yesterday’s signals were not triggered as there was no sufficiently bullish price action at 101.46.
Today’s USD/JPY Signals
Risk 0.50%
Trades must be taken from 8am New York time to 5pm Tokyo time during the next 24 hours only.
Short Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 101.46, 101.98 or 102.82.
Put the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 100.00.
Put the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
USD/JPY Analysis
I wrote yesterday that the temporary halt to the fall at 101.46 was probably dubious and so it proved to be, with the price continuing to fall again all the way to 100.68. The price has been consolidating since the end of yesterday’s New York session and we may next have a deeper pull back to 101.46 or even higher.
Both the long and medium-term trends are strongly bearish.
There is nothing of high importance due today concerning the JPY. Regarding the USD, there will be a release of ADP Non-Farm Employment data at 1:15pm London time, followed by ISM Non-Manufacturing PMI at 3pm and then Crude Oil Inventories at 3:30pm.