USD/JPY Signal Update
Yesterday’s signals were not triggered as there was no bearish price action when the price reached either 101.27 or 101.50.
Today’s USD/JPY Signals
Risk 0.75%
Trades must be taken between 8am New York time and 5pm Tokyo time, during the next 24-hour period only.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 101.25 or the broken bearish trend line currently sitting at around 100.25.
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 Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of the bearish trend line currently sitting at about 102.20 or 102.60.
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
I wrote yesterday that it felt as if a break up (above the consolidative triangle) and move to at least 101.27 was probably coming next, and so it came to be.
It seems fairly likely that 101.25 will now flip to become support. If the price continues to rise and breaks up above 102.75, the long-term bearish trend will be over.
There is nothing due today regarding the JPY. Concerning the USD, there will be a release of Final GDP and Unemployment Claims data at 1:30pm London time followed by words from the Chair of the Federal Reserve at 9pm.