Yesterday'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 to 5pm Tokyo time, over the next 24-hour period.
Short Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 110.62 or 111.41.
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.
Long Trade
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 110.00.
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.
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 there is a bullish trend, but it is extremely weak, and the action is quite choppy, so the pair might be best avoided. This was a pretty good call as the action has pulled back, only to bounce mildly at the broken bearish trend line. There is both support and resistance close by, and the short-term direction looks very uncertain, so again trading this pair is probably going to be a waste of time today.
I would be bullish above 111.41, and mildly bullish above 110.62.
.jpg "USDJPY")
There is nothing important due today concerning either the JPY or the USD. It is a public holiday in the United States.