USD/JPY Signal Update
Yesterday’s signals were not triggered.
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 102.82 or 103.96.
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 101.56 or 100.74.
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 price has finally stopped rising, it seems, putting in a high yesterday which is more or less at the level where resistance can be expected to begin. However, it is worth noting that volatility is very low, so we do not seem to be getting any very decisive or meaningful moves. I would like to see the price reach a somewhat higher level and then turn with some force before going short again.
There is nothing of high importance due today concerning either the JPY or the USD.