USD/JPY Signal Update
Yesterday’s signals expired without being triggered as neither of the key levels were ever reached.
Today’s USD/JPY Signals
Risk 0.75%
Trades may only be taken from 8am New York time until 5pm Tokyo time, during the next 24-hour period.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 102.83.
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 100.93.
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 was right to see it as dangerous to short yesterday as after the initial topping just below 102.40, the price pulled back but has been rising during the Asian sessions to top that high, although there are signs that it may not be able to really break above there. So it makes sense to continue to wait for a topping out. The price may even rise further. There is no reason to get short here yet. However, a strong rejection of 102.50 close to the New York open could signify a meaningful downwards leg is beginning.
There is nothing due today concerning the JPY. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm London time.