Filed Under:
Forex pairs in this Article » USD/JPY
By: DailyForex.com

USD/JPY Signal Update



Yesterday’s signals were not triggered and expired.

Today’s USD/JPY Signal

Long Trade 1

Enter long if a pin or engulfing bar is formed on the hourly chart when the price first reaches 99.80, on the break of the bar by 1 pip on the next bar. If a bar closes below 99.75, the trade is invalidated.

Stop loss at the local swing low.

Move the stop loss to break even at 101.00. Take 50% of the position as profit at 101.70 and leave the remainder of the position to run to 103.75.

Risk 0.50% and the trade may be taken until 8am London time tomorrow.

USD/JPY Analysis

The move down is very strong and is not even holding within a channel formation. We recently passed the 50% Fibonacci retracement level of the upwards move at 101.20, after having retested the broken bullish trend line and falling through resistance at 101.63 quite easily:

USDJPY Signal 2414

Although the overall picture seems bearish with the strong downwards move and the anti-risk fearful market sentiment that has led to a strengthening of the JPY across the board, we are approaching a supportive area and the decline should start to taper off.

There are no good resistant levels within range of the current price. Below us at 99.80 is level which is likely to be very supportive, particularly due to its confluence with the key psychological level of 100.00.

There is no important news due today for the JPY or the USD, so today this pair might be quieter than it has been for a while.

comments powered by Disqus
Trading Center