USD/JPY Signal Update
Last Tuesday’s signals produced a losing long trade following the bullish candle rejecting the identified support level at 103.56.
Today’s USD/JPY Signals
Risk 0.75%
Trades must be taken between 8am New York time and 5pm Tokyo time, during the next 24-hour period only.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 103.56 or 102.75.
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
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 104.00 or 104.50.
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
The long-term bearish trend is well and truly over. The price has been moving up in line with USD strength and supportive trend lines are being established and are holding. The support level at 103.56 is again established and holding also. The immediate hurdles to a continuation of the upwards movement are resistance levels at 104.00 and more particularly, at 104.50.
Bulls should not get too excited as of yet, as it would be natural for this pair to require some consolidation below the 106.00 area before it could advance much further..jpg "USDJPY")
There is nothing due today regarding the JPY. Concerning the USD, there will be a release of Unemployment Claims data at 1:30pm London time, followed by Crude Oil Inventories at 4pm.