USD/JPY Signal Update
Yesterday’s signals were not triggered as the price never reached 107.49 and there was no bearish price action at 108.52
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 108.52.
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 Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next entry into the zone between 110.42 and 110.60.
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
I wrote yesterday that there were some signs the price might begin to consolidate, but that a resumption of the upwards movement was quite possible also, and the latter is what happened, with the price pushing up to reach new multi-month highs yesterday, and today as well.
This is the most bullish of the non-exotic Forex pairs in a bullish USD Forex market, so this is where the heart of the action is.
There is no obvious resistance before 110.42, although the big round number at 110.00 might see some profit taking which could stall the advance.
There is nothing due today regarding the JPY. Concerning the USD, there will be a release of PPI data at 1:30pm London time, followed by Crude Oil Inventories later at 3:30pm.