USD/JPY Signal Update
Yesterday’s signals were not quite triggered as although there was a bullish reversal off the identified support level at 109.54, the bullish candle on the H1 chart which gave the entry did not break to the upside on the very next candle.
Today’s USD/JPY Signals
Risk 0.75%
Trades must be taken between 8am New York time and 5pm Tokyo time only.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 110.74.
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 Trades
Long entry following a bullish price action reversal on the 1H1 time frame immediately upon the next touch of 109.54 and 109.13.
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
We had yet another move down to the supportive trend line yesterday, with the price bouncing bullishly up again off the long-term supportive trend line which is currently sitting at around 109.50, and breaking up through former resistance levels. There is new support at 109.54. It may be that the price is finally ready to begin moving up to make new highs, but it seems there is a lot of fighting going on between bulls and bears between 109.50 and 110.40 or so.
The short-term bullish trend survives.
There is nothing due today concerning the JPY. Regarding the USD, there will be a release of Core Durable Goods Orders and Unemployment Claims data at 1:30pm London time