Today’s USD/JPY Signals
Risk 0.75%.
Trades may only be entered from 8am New York time until 5pm Tokyo time, during the next 24-hour period.
Short Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 111.85 or 112.40.
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.
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
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 110.70.
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.
The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.
USD/JPY Analysis
This pair was the best in keeping stable gains among other JPY pairs. The US dollar is profiting significantly from the US-China trade war. For the fourth day in a row, the pair is stabilizing at the resistance level at 111.00 which supports the correction strength above. I still prefer to buy the pair from at bearish bounce.
There is nothing important due today concerning the JPY. Regarding the USD, there will be the release of PPI data and crude oil