USD/JPY Signal Update
Yesterday’s signals were not triggered as the price never reached any of the key levels.
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 Trades
Long entry following a bullish price action reversal on the H1 time frame occurring upon the next touch of 111.91 or 111.36.
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 entry into the zone between 113.95 and 114.07, or the next touch of 114.89.
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
Key support and resistance levels are holding. The pace of the downwards movement continues to slow. The prevailing structure is undoubtedly bearish. The levels are quite likely to hold until the non-farm payrolls data is released tomorrow.
There is nothing due today concerning the JPY. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.