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 entered from 8am New York time until 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 113.15 or 112.86.
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 ride.
Short Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 115.62.
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 ride.
The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.
USD/JPY Analysis
The medium term downwards trend has continued and even accelerated. We may be finding some support now with a failure to move beyond last week’s lows and some bullish short-term candles. However, it is going to take much more than this for things to start looking bullish again in line with the long-term trend.
There is nothing due today regarding the JPY or the USD. It is a public holiday in the U.S.A.