USD/JPY Signal Update
Yesterday’s signals were not triggered as neither of the key levels were ever reached.
Today’s USD/JPY Signals
Risk 0.75%
Trades may only be entered from 8am New York time until 5pm Tokyo time, over the next 24-hour period.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 103.80 or 103.48.
Place the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 105.51.
Place the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
USD/JPY Analysis
Yesterday’s bullish U.S. Dollar outperformed against the Japanese Yen, presumably upon an increasing sentiment that Clinton is likely to win the U.S. Presidential Election today, which would weaken a “haven” currency such as the JPY against a resurgent USD.
However, although the polls do continue to move in her direction, there has been no strong move during the Asian session, although there is certainly no fall.
It looks as if the pair will remain quiet until the exit polls, when either clear win for Trump or Clinton should produce a strong directional move.
This is probably going to be one of the better pairs to use to trade the U.S. presidential election.
There is nothing due today regarding either the JPY or the USD.