USD/JPY Signal Update
Last Thursday’s signals were not triggered.
Today’s USD/JPY Signals
Risk 0.75%
Trades must be taken from 8am New York time until 5pm Tokyo time during the next 24 hours only.
Short Trades
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 102.82 or 103.96.
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
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 101.56 or 100.74.
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 long-term trend is bearish, but we are seeing a succession of higher lows above 100.43 and USD strength everywhere. Of course, the USD has probably been weaker against the JPY than against most other major currencies. But there is a chance that we may have made some kind of floor here at the 100 area which may hold for the medium or even long-term.
On the other hand, there is still a strong bearish trend technically, so it makes sense to continue to look for shorts, most obviously in the areas just below 103 and 104.
There is nothing of high importance due today concerning either the JPY or the USD.