USD/JPY Signal Update
Last Thursday’s signals were not triggered as the bearish price action took place a little above the identified resistance level at 103.17.
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 103.80 or 103.48.
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 105.51.
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 thought yesterday that the price would begin to stabilize above 103.00 due to the confluence of three support levels clustered in that area, but instead this pair fell strongly and was one of the biggest movers of the day as the Yen finally began to meaningfully strengthen.
The momentum suggests a further fall as the USD remains weak, but there are initial signs that the support at 102.61 may hold.
There is nothing due today regarding either the JPY or the USD.