USD/JPY Signal Update
Last Thursday’s signals were not triggered as neither of the key levels given were touched that day.
Today’s USD/JPY Signals
Risk 0.75%
Trades must be entered between 8am New York time and 5pm Tokyo time, over the next 24-hour period only.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 102.00 or 101.27.
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.
Short Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 102.60 or 103.05.
Put the stop loss 1 pip above the local swing high.
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
This pair is still in a long-term downwards trend, although it is increasingly uncertain as to how much longer this will remain so. We just had a bullish rise up to 103.00 which was halted, and the fall continued since this week opened and we may have made a bearish head and shoulders now with resistance at 102.60 above. On the other hand, there is support at a round number close below which could easily construct a bullish double bottom.
There is no high-impact news due today concerning either the JPY or the USD.