By: DailyForex.com
USD/JPY Signal Update
Yesterday’s signals were not triggered.
Today’s USD/JPY Signals
Risk 0.75%
Trades must be entered between 8am New York time and 5pm Tokyo time.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 110.00.
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 H1 time frame immediately upon the next touch of 108.43 or 107.57.
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
The major action within the Forex market remains elsewhere although the USD is still in focus. The pullback has been deeper than might have been expected, and the printing of new support at 108.43 is a bullish sign. However the price is showing some signs now of having formed a double top at 109.00 and we might now fall. The coming hours will be crucial, although this pair can be very quiet between the Tokyo close and the New York open.
There is nothing due today regarding the JPY. Concerning the USD, there will be releases of Retail Sales, Core Retail Sales and PPI data at 1:30pm London time, followed by Crude Oil Inventories at 3:30pm.