USD/JPY Signal Update
Yesterday’s signals expired without being triggered as the price never hit either 102.13 or 103.00.
Today’s USD/JPY Signals
Risk 0.75% per trade.
Any entry must be made between 8am and 10pm London time today, then later during the Tokyo session.
Long Trade 1
Long entry after bullish price action on the H1 time frame following a first touch of 102.13.
Put a stop loss 1 pip below the local swing low.
Adjust the stop loss to break even when the price reaches 102.50.
Take off 75% of the position as profit at 102.50 and leave the remainder of the position to run.
Long Trade 2
Long entry after bullish price action on the H1 time frame following a first touch of either of the broken bearish trend lines which currently sit at around 101.55 – 101.65.
Put a stop loss 1 pip below the local swing low.
Adjust the stop loss to break even when the price reaches 102.12.
Take off 75% of the position as profit at 102.12 and leave the remainder of the position to ride.
Short Trade 1
Short entry after bearish price action on the H1 time frame following a first touch of 103.00.
Put a stop loss 1 pip above the local swing high.
Adjust the stop loss to break even when the price reaches 102.65.
Adjust 50% of the position as profit at 102.65 and leave the remainder of the position to ride.
USD/JPY Analysis
The JPY strengthened yesterday across the board, driving the price down close to the support level at 102.13. It does look quite weak and I will be very cautious about taking any long off 102.13. A retest of the broken bearish trend lines might be a better trade, but price action following the London open this morning should tell us the answer.
Ahead, there is a key resistance level and round number at 103.00.
There are no high-impact news events scheduled for today concerning either the JPY or the USD. It will probably be a quiet day for this pair.