USD/JPY Signal Update
Yesterday’s signal expired without being triggered as the price never hit 117.03.
Today’s USD/JPY Signal
Risk 0.75%
Trades may only be entered between 8am London time and 5pm New York time; and then after 8am Tokyo time.
Long Trade 1
Go long following bullish price action on the H1 time frame immediately following the next touch of 117.03.
Place 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
Again, very little changed yesterday and the technical picture remains the same: a strengthening bearish triangle is forming, driving the price down to local support that begins close to the key psychological number of 117.50. There should be stronger support below at the previously resistant double top at 117.03, confluent with the round number.
A short could be possible after a weak rise to the bearish trend line, or a sudden spike up to it, but that is not given as a signal.
There are no high-impact data releases scheduled today that will directly affect the JPY. Regarding the USD, at 1:30pm London time there will be a release of Core Durable Goods Orders and Unemployment Claims data. Later at 3pm there will be New Homes Sales data released. The New York session is likely to be more volatile than the earlier London session.