USD/JPY Signal Update
Yesterday’s signal expired without being triggered.
Today’s USD/JPY Signal
Entries may only be made between 2pm and 10pm London time today, and then during the following Tokyo session.
Long Trade 1
Go long following bullish price action on the H1 time frame after the first touch of 100.88.
Put a stop loss 1 pip below the local swing low.
Move the stop loss to break even when the price reaches 101.18.
Remove 50% of the position as profit at 101.50 and leave the remainder of the position to ride.
Short Trade 1
Go short following bearish price action on the H1 time frame after the first touch of 102.21, provided the price action is also rejecting the nearby bearish trend line.
Put a stop loss 1 pip above the local swing high.
Move the stop loss to break even when the price reaches the broken bearish inner trend line.
Remove 50% of the position as profit at 101.65 and leave the remainder of the position to ride.
Although we did break 101.50 yesterday, the price turned up abruptly with the better than expected USD news, and this pair’s bullishness continued overnight. We are now threatening to retest the bearish inner trend line which is not far away.
There is no point trading this pair before the big US news releases begin shortly after the New York session starts. The bearish inner trend line is too close to be useful at that time, but there is a nice confluence of an outer bearish trend line, a key Fibonacci level, and a flipped support to resistance level at 102.21. I will be looking for a short trade there if a reversal is suggested by bearish price action.
There is strong support quite a distance below starting at around 100.88. If the news causes us to spike down there we might see a bullish reversal at that level.
There are no high-impact news releases due today that will directly affect the JPY. Concerning the USD, we will see releases today of the US Non-Farm Employment Change, Unemployment Rate, Unemployment Claims, and Trade Balance data at 1pm London time. Then at 3pm there will be the US ISM Non-Manufacturing PMI. It is likely that from the time of the US data releases, the pair will be extremely volatile.
RetirementThe new myRA accounts seem to deliver on their promise of being “simple, safe and affordable.” Just be prepared for paltry annual returns.
Stock AnalysisDiscover how Cisco became one of the greatest IPOs in history during the 1990s and how it continues to innovate and move forward today.
Home & AutoIt’s the most popular used-car buying guide. Here’s a look at just how trustworthy it is – plus a comparison with the competition.
Investing BasicsLearn about some of the largest and most famous companies that have been removed from the Dow Jones Industrial Average (DJIA) over its 119-year history.
RetirementIt can be beneficial in any number of ways: mentally, occupationally and even financially.
Stock AnalysisDiscover how Gilead Sciences fits into most investment portfolios and learn about the company's drug pipeline and future growth catalysts.
Wealth ManagementDiscover how Britney Spears' net worth plunged in 2007 and has since been growing under the management and direction of her conservatorship.
Stock AnalysisDiscover how $1,000 invested in Amgen during its initial public offering (IPO), without reinvesting dividends, would be worth over $427,000 as of November 2015.
Financial AdvisorsDiscover five things all financial advisors should know about ETFs, including when ETFs may be a better choice for your clients than mutual funds.
TaxesAs 2015 nears its end, here are some financial moves retirees can make before December 31 that can help to lower your tax bill.
As of 2015, Mexico is not a developed country. However, it beats the majority of its peers in the developing world on most ... Read Full Answer >>
Despite having the world's second-largest economy and third-largest military, China is still, as of 2015, not classified ... Read Full Answer >>
Federal Housing Administration (FHA) loans require escrow accounts for property taxes, homeowners insurance and mortgage ... Read Full Answer >>
Greece is a developed country by most meaningful metrics. However, its financial struggles have been well documented in the ... Read Full Answer >>
Estate planning fees may be tax deductible, but only if certain conditions have been met. Internal Revenue Service (IRS) ... Read Full Answer >>
As of 2015, the CIA World Factbook has yet to add Taiwan to its list of developed countries. However, many organizations, ... Read Full Answer >>