USD/JPY Signal Update
Last Thursday’s signals were not triggered as there was no bullish price action at 116.04.
Today’s USD/JPY Signals
Risk 0.75%.
Trades must be taken from 8am New York time to 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 116.79, 116.30 or 115.73.
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 Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 117.18.
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.
USD/JPY Analysis
Although we have most recently seen a move up from the bullish Quasimodo formation at 115.73 and the printing of two new possible support levels above that, it is still too early to say that the bullish trend has truly resumed. This is mostly because zooming out from the price chart shows we are still within a dominant sequence of major lower lows and lower highs and not the reverse.
If the price pulls back and descends below the 117.00 level before finding support and rising strongly again, this would probably be seen by the market as confirmation and lead to a strong upwards movement.
There is nothing due today regarding either the JPY or the USD.