USD/JPY Signal Update
Yesterday’s signals were not triggered as none of the key price levels were ever reached.
Today’s USD/JPY Signals
Risk 0.75%
Trades must be entered between 8am New York time and 5pm Tokyo time, during the next 24-hour period only.
Long Trades
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 100.00 or 99.50.
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.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Short Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 101.27, 101.50 or 102.60.
Place the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Take off 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 keep getting meaningful buying every time the price gets very close to the huge round number at the price of 100. It was looking bearish and as if a further fall might happen, but there was a fairly strong move up although that has now partially sold off.
We still have a bearish trend here over the long-term, but it seems to be weakening. This means that a sustained break above the resistance zone from 101.27 to 101.50 would be significant, and above 120.75 would mean the end of the long-term trend.
Of course, the longer the price cannot break up above 101.50, the greater the chance that it finally will break down below 100.00.
There is nothing due regarding the JPY. Concerning the USD, there will be a release of CB Consumer Confidence data at 3pm London time.