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 taken between 8am New York time and 5pm Tokyo time, during the next 24-hour period.
Short Trade
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 111.41.
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.
Long Trade
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 110.42
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.
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
I wrote yesterday that this push up was quite choppy and maybe fragile also, but there was no technical reason not to have a bullish bias. The price has risen slightly over the past day, but the movement does continue to be fragile and choppy, and it looks as if the price might make a sudden push down, before being likely to recover.
There is a bullish trend, but it is extremely weak. Despite the trend here, it is very likely to be easier today to profit from trading European currency pairs than by trading the USD/JPY.
I would be bullish above 111.41.
There is nothing important due today concerning either the JPY or the USD.