USD/JPY Signal Update
Last Thursday’s signals were not triggered as unfortunately the level at 116.00 was not quite reached.
Today’s USD/JPY Signals
Risk 0.75%.
Trades may only be entered between 8am New York time and 5pm Tokyo time, over the next 24-hour period.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 117.80.
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 run.
Short Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 118.77 or 11912.
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 run.
USD/JPY Analysis
I wrote last Thursday that the support at 116.00 would probably hold and this level did give support for what has turned out to be a major low, although unfortunately the price didn’t quite reach it, turning just 4 pips short.
The slow but steady move up has now broken forcefully up above the bearish trend line which has been forming over the past couple of weeks, as well as a resistance level at 117.80 which may now flip to become new support.
The stage looks to be set for a strong resumption of the major and very powerful long-term bullish trend.
There is nothing due today regarding the JPY. Concerning the USD, there will be a release of ISM Manufacturing PMI data at 3pm London time.