USD/JPY Signal Update
Yesterday’s signals were not triggered as neither of the key levels were 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.
Long Trade 1
* Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 100.92.
* 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.
Short Trade 1
* Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 102.21.
* Place the stop loss 1 pip above the local swing high.
* 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
We are seeing something between a retracement and a consolidation as the price comes off the low around 101.00 following its strong downwards move made earlier this week.
There is no reason not to think that there will be another meaningful downwards movement, but I would feel more confident that it had started after yesterday’s high was equalled again, or even better, after 102.00 was hit.
There is nothing due today concerning the JPY. Regarding USD, there will be a release of Unemployment Claims data at 1:30pm London time, followed by Crude Oil Inventories at 4pm.