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
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 102.74 or 101.77.
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
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 103.56 or 103.98.
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
The big story here is that the long-term bearish trend is probably over, due to the fact that the price just could not hold below the psychologically important level of 100.00, so it has now begun to rise from there.
There is an area of key support below at 102.74 and if this hold it will be a bullish sign that the recent upwards movement will be likely to continue.
Although there is a bullish trend line below that, I do not have a lot of faith in it. I could see the price consolidating for a while if it breaks below 102.61.
There is nothing due today regarding either the CAD or the USD. It is a public holiday in both the United States and Japan today.