USD/JPY Signal Update
Yesterday’s signals were not triggered as there was no bullish price action at either of the key levels.
Today’s USD/JPY Signals
Risk 0.50%
Trades may only be entered between 8am New York time and 5pm Tokyo time.
Long Trade 1
• Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 116.09.
• 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.
• 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 2
• Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 115.54.
• 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.
• 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 118.03.
• 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.
• 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 2
• Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 118.99.
• 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.
• 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
The downwards trend continued with a fairly sharp decline in the USD yesterday. At the time of writing the price looks as if it might be finding some support at a retest of a broken bearish trend line from last week. However it would seem risky to try to take a long from here at least until there is some positive US data which may or may not come over the next couple of days. The Bank of Japan are in a tough position as they just cut rates to try to stop the Yen from strengthening too much and now it is right back where it was a week ago!
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.