USD/JPY Signal Update
Yesterday’s signals were not triggered as the bearish price action at 103.98 only came after the end of the Asian session.
Today’s USD/JPY Signals
Risk 0.75%
Trades may only be entered from 8am New York time until 5pm Tokyo time, over 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 103.56.
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
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 104.50 or 103.98.
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
We see continuing confirmation of the end of the long-term bearish trend, with sustained support at 100.00 and now ever-rising new support levels becoming established, most recently at 103.56.
The USD is generally bullish everywhere right now, and has been against the JPY, but is running into some serious resistance at about 104.00.
There is nothing due today regarding either the JPY or the USD.