USD/JPY Signal Update
Last Thursday’s signals were not triggered as there was no bearish price action at 106.73.
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 Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 107.49 or 106.95.
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 108.42.
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
I was right last Thursday being bullish on this pair, but I was mistaken in not being bullish enough. I did not think that the cluster of resistance levels a little was way above 106.00 was going to be broken but it was, and we made new highs already today just above 108.00.
The USD is the strongest currency right now and the JPY is the weakest, so there is every reason to remain bullish of this pair provided this post-U.S. election rally lasts.
There is nothing due today regarding either the JPY or the USD.