USD/JPY Signal Update
Last Thursday’s signals were not triggered as none of the key levels were ever reached.
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 109.81.
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 touch of 111.33.
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
The pair has been selling off over the past few hours, and the USD has not been advancing anywhere during this time. Nevertheless, the bullish movement is still intact and we have not seen anything yet other than a few minor retracements. I must remain bullish on this pair, and I see the level at 109.81 as likely to provide a very good buying opportunity if there is a bullish bounce there.
There is nothing due today regarding either the JPY or the USD.