USD/JPY Signal Update
Yesterday’s signals were not triggered as there was insufficiently bearish price action at 101.46.
Today’s USD/JPY Signals
Risk 0.75%
Trades may only be entered between 8am New York time and 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 101.98 or 102.82.
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 100.00.
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
The long-term trend is bearish, but at the moment we seem to have a bullish “V” that is trying to break up past the resistance at 101.46, and will probably succeed in doing so. This would mean that the next likely resistance level at which we might see a bearish reversal back into the long-term bearish trend would be at or very close to the round number of 102.00.
There is nothing of high importance due today concerning the JPY. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.