USD/JPY Signal Update
Yesterday’s signals were not triggered as there was no bearish price action at 112.72.
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 112.19.
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 113.30.
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
This pair is still bullish and continues to make higher lows in its swings, having already risen by more than 10% in value during the past three weeks. A move like that takes time to turn around, so even if it has run out of longer-term steam, there are still going to be a few bullish moves yet.
There is a double top at 113.30, but a move up beyond that seems more likely than a move below 111.33 as the next step here.
There is nothing due today regarding the JPY. Concerning the USD, there will be a release of the ADP Non-Farm Employment Change at 1:15pm London time, followed later by Crude Oil Inventories at 3:30pm.