USD/JPY Signal Update
Yesterday’s signals expired without being triggered.
Today’s USD/JPY Signal
Entries may be made between 8am London time today to 5pm New York time, and then after 8am Tokyo time tomorrow (Wednesday).
Risk 0.50% of equity.
Long Trade
Go long following bullish price action on shorter time frames following the price falling below 104.67.
Put a stop loss 1 pip below the local swing low.
Remove 75% of the position when the profit is double risk and leave the remainder to ride.
USD/JPY Analysis
We had a further strong with-trend move upwards yesterday and we already made a new 6-year high just after London opened this morning. There is no key support close by so what is going to happen today is really anybody’s guess, though you would have to be crazy not to have at least a bullish bias.
Unfortunately in trading, especially in swing or position trading, there are some days where if you are not on the boat already you just have to accept that you missed the boat. It really looks like today is one of these days. It is always better on this kind of day to sit down in the port and have a drink and wait calmly for the next boat, instead of jumping in the sea and trying to swim after the ship. In other words, if you are not long already, it is probably too late to get long safely now.
There are no high-impact data releases scheduled today concerning either the JPY or the USD. It should be a fairly quiet day.