USD/JPY Signal Update
Yesterday’s signals were not triggered and expired.
Today’s USD/JPY Signals
Risk 0.75%
Trades may only be taken between 8am New York time and 5pm Tokyo time.
Short Trade 1
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 107.82.
Put 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.
Long Trade 1
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 105.44.
Put 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.
USD/JPY Analysis
This pair is going nowhere at the moment, just consolidating around 107.00 with key support and resistance levels quite a way away. This is not very surprising as Japan is on holiday and we approach a big event for the USD tomorrow. A short trade off 107.82 would be a way of getting back into the long-term bearish trend if it resumes.
There are no high-impact events due today concerning the JPY as it is a public holiday in Japan. Regarding the USD, there will be a release of Unemployment Claims data at 1:30pm London time.