USD/JPY Signal Update
Yesterday’s signal expired without being triggered as the price never reached 114.00.
Today’s USD/JPY Signal
Risk 0.75%
Trades may only be entered between 8am London time and 5pm New York time; and then from 8am Tokyo time.
Long Trade 1
Go long following bullish price action on the H1 time frame immediately following the next touch of 115.00.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Long Trade 2
Go long following bullish price action on the H1 time frame immediately following the next touch of 114.00.
Put the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
USD/JPY Analysis
I saw yesterday that the low we had already made before the London open at 115.00 might well hold as flipped resistance to support, and that is in fact exactly what happened. That level should now act as stronger support so we now have two round numbers at which to look for long entries: 115 and 114.
This pair is still looking very bullish and there are no obvious resistance levels in sight before 117.90. that is still a fairly long way away from the current price.
Despite the bullishness, I would not be surprised if we found it hard to get above 116.00, as the rise has been parabolic and might need to slow down for a week or two before continuing.
There are no high-impact news releases scheduled today that are likely to affect either the JPY or the USD.