USD/JPY Signal Update
Last Thursday’s signals were not triggered as there was no bearish price action when the price reached 100.92 during that session.
Today’s USD/JPY Signals
Risk 0.75%
Trades may only be taken from 8am New York time until 5pm Tokyo time, over the next 24-hour period.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 100.00 or 99.50.
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 101.27, 101.50 or 102.60.
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
Once again the price has been bought and bid up upon getting close to the psychologically key 100.00 level. There are several resistance levels above but if the price should rise above 102.75 in a sustained way I would determine that the long-term downwards trend has ended. It has certainly run out of steam although it is still true that there are more pips to be made generally going short than going long.
There is nothing due today concerning either the USD or the JPY.