Yesterday’s signals were not triggered as none of the key levels were reached since 8am New York time yesterday.

Today’s USD/JPY Signals

Risk 0.75%.

Trades must be taken between 8am New York time Wednesday and 5pm Tokyo time Thursday.

Short Trades

  • Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 111.46 or 112.09.

  • Place the stop loss 1 pip above the local swing high.

  • Move 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 run.

Long Trade

  • Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 110.60.

  • Place 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.

  • Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.

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

I wrote yesterday that it would probably be wisest to be bullish once the price had got above 111.46 for a couple of hours, or bearish if the same happens in reverse below 111.28, as there was no long-term trend to rely upon. This wasn’t a great call, but I still think it is working out as a bearish bias is in sync with the price pattern we see below 111.46, even though it is still a consolidation. Soon we are likely to either see the price breakout above 111.46 which would be bullish or break down below the swing lows just above the round number at 111.00 which would be bearish. However, overall, this pair is quiet and consolidative, and far from the focus of the Forex market right now.

USDJPY

There is nothing of high importance due today concerning the JPY. Regarding the USD, there will be releases of Core Durable Goods Orders and PPI data at 12:30pm London time.

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