USD/JPY Signal Update
Last Thursday’s signals were not triggered as there was no suitably bullish price action at 112.59.
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 111.33.
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 112.59.
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
After rising by more than 10% since the U.S. Presidential election earlier this month, this pair finally made a peak during last Friday’s Tokyo session, and sold off quite rapidly as this week opened. After finding support very close to the level identified at 111.33, and having flipped support to new resistance at 112.59, the price has again picked up some bullish momentum. The buying is starting to look impulsive, and usually after such a strong bullish move, and sharp retracement is going to see a bounce back.
There is nothing due today concerning either the JPY or the USD.