USD/JPY Signal Update
Last Thursday’s signals expired without being triggered.
Today’s USD/JPY Signals
Risk 0.75%
Trades must be taken between 8am New York time and 5pm Tokyo time only.
Short Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 101.46 or 102.16.
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 run.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 100.00 or 99.00.
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 run.
USD/JPY Analysis
The Yen is the strongest currency over the long term although it has not managed to make a new low here against the USD for a couple of weeks now. However it is in a fairly strong downwards trend so there is every reason to keep shorting this pair, and right now we have some especially attractive resistance levels listed above.
Long trades are trickier. Be very careful with those but with stocks rallying it might be that the Yen stops rising for a while.
There is nothing due today concerning either the JPY or the USD.